GOLD SURGES ABOVE $1660, EUROZONE RESCUE FACILITY ENHANCED
Date: 30/3/2012
Gold surged in the electronic moves today, hitting highs above $1660 per ounce as the previous day's losses were cut short by a generous up tick in risky assets ahead of the weekends. The yellow metal had dropped earlier in the week after gaining on Monday but witnessed a good rise today.
The Euro-zone finance ministers meeting in Copenhagen has agreed to temporarily boost the size of the firewall designed to contain the spread of the region's debt crisis to 800 billion euros ($1.1 trillion) from a previously planned 500 billion. In a statement, the ministers said they agreed to effectively allow the temporary European Financial Stability Facility operate in combination with the permanent, 500-billion euro European Stability Mechanism, which becomes operational in July last year.
The yellow metal currently quotes at $1666.20, up $14 per ounce on the day. The futures have gained for the first time in four sessions and would mostly be wrapping up the week on a mixed note. MCX Gold futures for April are quoting at Rs 28160, down Rs 42 per 10 grams on the day. The counter has tested lows of Rs 28125 per 10 grams and looks likely to move in positive manner given the global cues.
The Euro-zone finance ministers meeting in Copenhagen has agreed to temporarily boost the size of the firewall designed to contain the spread of the region's debt crisis to 800 billion euros ($1.1 trillion) from a previously planned 500 billion. In a statement, the ministers said they agreed to effectively allow the temporary European Financial Stability Facility operate in combination with the permanent, 500-billion euro European Stability Mechanism, which becomes operational in July last year.
The yellow metal currently quotes at $1666.20, up $14 per ounce on the day. The futures have gained for the first time in four sessions and would mostly be wrapping up the week on a mixed note. MCX Gold futures for April are quoting at Rs 28160, down Rs 42 per 10 grams on the day. The counter has tested lows of Rs 28125 per 10 grams and looks likely to move in positive manner given the global cues.
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GOLD TRADING TRENDS FOR TODAY
ReplyDeleteGOLD (5 FEB.) TREND: BEARISH
RES 1: 29150 RES 2: 29400
SUPP 1: 28400 SUPP 2: 28150
STRATEGY: SELL ON HIGH
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