GOLD (Dealers cut rates as prices soar)
An uptick in gold prices this week deterred physical purchases in top-consuming markets, prompting dealers to offer lower premiums in China and deeper discounts in India following a key gold-buying festival.
In India, the world's second-largest gold consumer and major importer, domestic prices (MAUc1) were around 73,000 rupees per 10 grams on Friday, nearing the record high of 73,958 rupees reached last month.
Technical Analysis of Gold:
The price is approaching the resistance line at 2397. To continue the bullish trend, it must breach this resistance, potentially targeting 4210 and 4226.
Alternatively, it might undergo a correction to 2377 before resuming the bullish trend.
A bearish scenario will become active if the price breaks the support line at 2377, potentially falling to 2368 and then further to 2357.
Pivot Price: 2388
Resistance Levels: 2397, 2409, 2426
Support Levels: 2379, 2368, 2357
Today's anticipated trading range is between the support level at 2368 and the resistance level at 2409.
previous idea:
In India, the world's second-largest gold consumer and major importer, domestic prices (MAUc1) were around 73,000 rupees per 10 grams on Friday, nearing the record high of 73,958 rupees reached last month.
Technical Analysis of Gold:
The price is approaching the resistance line at 2397. To continue the bullish trend, it must breach this resistance, potentially targeting 4210 and 4226.
Alternatively, it might undergo a correction to 2377 before resuming the bullish trend.
A bearish scenario will become active if the price breaks the support line at 2377, potentially falling to 2368 and then further to 2357.
Pivot Price: 2388
Resistance Levels: 2397, 2409, 2426
Support Levels: 2379, 2368, 2357
Today's anticipated trading range is between the support level at 2368 and the resistance level at 2409.
previous idea:
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