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Wednesday, January 28, 2009

Gold Mires Its Winning Streak

Correction Expected In Day Moves

Gold is looking weak in the intra day charts analyzing technically. The prices have been on a roll all through the previous week entering 14000 zone. MCX Gold April contract is now trading at Rs 13921 per 10 grams down Rs 159.
Weakness was seen as the trades started in the morning on account of losses in COMEX Spot Gold. COMEX spot Gold is trading at $ 888.80 per 10 grams down $ 9. Supports for the contract are at 881 levels.

Gold closed lower for the first time in four sessions on Tuesday and backed off a four-month high as traders showed they feel the recent rally may have been overdone. The hedge appeal of the precious metal declined as crude oil posted its largest one-day percentage drop in three weeks.

In another news, Confidence amongst German consumers is set to remain unchanged in February, a closely watched survey showed Wednesday. Though income expectations of consumers weakened on fears of job losses, easing inflation prompted consumer spending.

Consumer sentiment for February stood at 2.2 points, following a revised value of 2.2 points in January, the latest survey from the GfK market research group revealed. Economists had expected a reading of 2 points.
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