MCX Gold Tips & Levels For Today

MCX Gold Tips For Today :

MCX Gold August Buy at 29800 with stop loss belo w29650 and for target of 30000

Buy MCX Gold August around 29800 levels with a stop loss placed below 29650 levels for targets of 30000 .

MCX Gold Levels For Today :

Support : 29725, 29658, 29583

Resistance : 29867, 29942, 30009

MCX Gold Price :

Gold Aug/10 gm – High : 29,875, Low : 29,733, Close : 29,793, %Change : 0.1%

In India physical buying of Gold is getting positive response with good support coming from far east. Experts believes that yellow metal will gain momentum in buying as in India demand of Gold is high ahead of wedding season.

Gold Futures closed above &1600 per ounce, hitting a three week high as euro manages to gain its position after comments from European Central Bank which helped in calming investors worries about currency union's banking crisis.

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MCX Gold Tips, Resistance and Support Levels For Today

MCX Gold Tips For Today : Buy MCX Gold August contract at levels of 30,050-30,070/10gms with stop loss of 30,010/10gms with a target of 30,180/10gms and above that at 30,250/10gm.

Gold Resistance and Support Levels For Today

R2 – 30500, R1 – 30350, S1 – 29800, S2 – 29500

Trend – Sell at higher levels

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COMEX gold prices hit a one-month high on Wednesday as the euro held on to its early gains against the dollar after the European Central Bank (ECB) kept interest rates unchanged, and as other assets seen as higher risk, such as stocks and commodities, rallied. The yellow metal is building on a rally sparked on Friday by weak US payrolls data, which reignited talk of a fresh round of monetary easing from the Federal Reserve. That helped it rebound from the 2012 low it hit in May during four months of losses.

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Gold Silver Live Rate, Support & Resistance For Today

Gold -

R4 – 30132.1, R3 – 30038.5, R2 – 3004.5, R1 – 29982.1

PP – 29839.7, S1 – 29750.1, S2 – 29727.8, S3 – 29693.9, S4 – 29600.7

Buy Gold only above 30038.5 with Stop Loss of 297.50

Silver -

R4 – 356528.1 , R3 – 55651.8 , R2 – 55333.4 , R1 – 55123.9

PP – 53980, S1 – 53852.2 , S2 – 53643.5 , S3 – 53326.5 , S4 – 53326.5

Buy above 55651.8 with Stop Loss of 53852.2

Gold Silver Live Rate

Gold (5 June) – Rs 2980.00/10 gms

Silver (5 July) – Rs 54134.00/kg

Gold edged lower on Monday after posting its biggest rally in more than three years in the previous session, when dismal U.S. jobs data fulled speculation about further monetary easing and burnished gold's appeal as a hedge against inflation. The surprisingly weak U.S. employment data added to the gloom over the global economy, just as the euro zone appears to be sinking deeper into the debt crisis and China's growth slows. Gold broke ranks with riskier assets on Friday and rose 4 percent , propped up by rekindled expectations of further monetary easing by the U.S. Federal Reserve. 

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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Gold and Silver Support and Resistance For Today

Gold -

R3 – 29225.67, R2 – 29140.33, R1 - 29052.67 , PP - 28967.33 ,

S1 – 28879.67, S2 - 28794.33 , S3 - 28706.67

Silver -

R3 - 55276.33 , R2 - 55071.67 , R1 - 54711.33 , PP - 54506.67 ,

S1 - 54146.33 , S2 - 53941.67 , S3 - 53581.33

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Experts believe that Gold is going to outperform other precious metals (Mainly Silver) this year and also believes that gold may face some near term downside risk should the unstable outlook in Europe lead to more strength in the U.S. Dollar. Spot gold again closed lower and is set for its worst run of monthly losses since 1999, as concern over Europe’s fiscal turmoil continues push Euro lower & boosting dollar's demand.

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