Another day of swinging prices of Gold. My support level was given as $1382 so it did touch $1383 after opening of NY market. The strong resistance was $1405 it touched $1410 in Asian Market and then retrieve back. Today there is US bank holiday so trade will be limited. Today buying price is $1385 with strong resistance @$1409. Beyond these two levels market will move up or down.
Yesterday the US crude oil inventory was lower than forecast. The crude oil move higher passing $88 barrier which I predicted last week. Due to US bank holiday we can see low trading. Today $89 is the key resistance with fresh buying expected @ $86.73.
Syed Arif
