Gold
(August) -
Trend
– Consolidate
Res
2 – 30350, Res1 – 30100, Sup1 – 29600, Sup2 – 29400
Strategy
– Sell on higher levels
Silver
(July) -
Trend
– Consolidate
Res2
– 56400, Res1 – 55500, Sup1 – 53000, Sup2 – 52000
Strategy
– Sell on Higher levels
Gold
Price – 29760.00/10gms
Silver
Price – 54125.00/kg
With
the rupee expected to remain under pressure due to inflation and
current account deficit, the gains made in gold in rupee terms are
here to stay. The rupee might receive some respite if global crude
prices decrease. But given the global economic trends, it may be more
difficult than it seems. Gold price in dollar terms is down almost
20% ($1,900 to $1,600 per ounce).
The
recent sideways to down movement has led investors to question the
safe haven properties of gold and whether gold prices have already
peaked. But it is important to understand that bull markets do
experience such periods of consolidation and correction which can run
as high as 30% from top to bottom.
