Friday, June 01, 2012

Gold Silver Support and Resistance For Today

Gold -
Support – 29308.00, 29185.00 , 29058.00
Resistance - 29558.00 , 29685.00 , 29808.00
(Gold movement is upwards and Risk level is High)
Gold (June) /10 gm
High – 29,198, Low – 29,005, Close – 29,148, %change - 0.1

Silver -
Support - 53798.00 , 53486.00 , 53153.00
Resistance - 54443.00 , 54776.00 , 55088.00
(Silver movement is upwards and Risk level is High)
Silver (July) /kg
High – 54,465, Low – 54,465, Close – 54,110 , %change – 0.7

Gold prices continue to remain falling on Eurozone crisis, falling demand in Indian markets due to weak Rupee and increase in import duty on the yellow metal. Weakness in the Rupee impacts gold import. India gold imports falls to 750-800 tonnes in 2012-13 compared to 969 tonnes in 2011-12. Gold continues to outperform in precious metals- against platinum, palladium and silver.

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