Gold on Wednesday
pullback again for its second session, its gripping forward from a 1 month high as a rally in stock
markets prompted by strong U.S. retail sales data dented the metal's appeal as
a safe haven.
Gold and silver futures declined on Tuesday after the government reported better-than-expected sales at US retailers last month. The benchmark, S&P GSCI Precious Metals dropped 0.46% to settle at 1,675.36.
Today’s Bullion
Market Trends:
Gold
futures for February 2014 settlement fell 0.5% to USD 1,245.4 per troy ounce at
the Comex division of the New York Mercantile Exchange.
GOLD
(FEB)
Trend: Consolidate | Strategy: Buy on
dips
R1- 29370, R2- 29750 | S1-28750, S2-
28480
Silver on Friday closed at $20.13 / ounce just ahead of a key resistance level after a rapid surge in the US session amid poor non-farm payrolls data. The metal is likely to face immediate resistance at $20.29 which is 38.2% fib level and then $20.82, a very crucial 50% fib level and 100 DMA.
Comex
Silver futures for March 2014 settlement slipped to USD 20.28 per troy ounce.
SILVER
(MAR)
Trend: Consolidate | Strategy: Sell on
high
R1- 45850,R2- 46700 | S1-44150, S2- 43180
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