GOLD 23rd July 2013 Gold trading above $1325 near its highest levels in a month on Today, after breaking through key resistance at the $1.300 level as weaker dollar supported bullion prices, but stricter Indian import rules capped gains. Gold have a Buying sentiments in a short term and expected to trade between $1300 - $1350 range. In current condition, $1345 -47 is strong resistance & $1318 & $1313 is a good support. Break Below $1313, extend towards $1305 & $1290 region. The Reserve Bank of India (RBI) has extended the curbs on gold imports by making it mandatory that at least a fifth of the gold imported should be re-exported and that supplies should be restricted to jewellery makers. Gold imports eased after the central bank made bullion imports dependent on export volumes with an eye to reducing a record current account deficit. India, the largest gold consuming country, offered relief to domestic sellers by lifting restrictions on credit deals. Dollar-governed gold advanced after greenback fell against key rivals as Fed Chairman Ben Bernanke’s comments on stimulus lacked confirmation on when the central bank will start scaling back its stimulus. Commodities including gold that are priced in dollars can benefit when the greenback declines, as the resources become less expensive to buy for holders of other currencies. The greenback lost more ground after the National Association of Realtors said U.S. existing home sales for June fell 1.2% to an annual rate of 5.08 million while, economists expected a 5.28 million rate.
Posted on: Tue, 23 Jul 2013 08:17:23 +0000
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