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Saturday, October 10, 2009

Gold lessens losses but momentum looks weak

US futures starts lower indicating weak start for gold in US floor session 


Gold futures minimized their earlier losses in the mid London trades as the dollar tumbled again against the major currencies. However the momentum looks weak today and slight correction is seen on the cards citing the run up rally of nearly $70 in last 5 sessions. 

Friday's docket includes international trade deficit figures for August, and three speeches by Federal Reserve members.

U.S. stock futures pointed to a weaker start Friday as Federal Reserve Chairman Ben Bernanke said that the unprecedented loose monetary policy will have to come to an end. S&P 500 futures fell 3.1 points to 1,060.70 and Nasdaq 100 futures fell 8 points to 1,708.50. Futures on the Dow Jones Industrial Average declined 21 points. 

COMEX bullion futures headed above the $1050 mark, but it may face a resistance near $1053 levels with supports at 1045 & 1035 levels. 

MCX gold is trading down around Rs 15 at Rs 15827 per 10 grams. The counter hit a high of Rs 15862 levels boosted by weakness in Indian Rupee today. The counter has resistance near Rs 15900 levels and support near Rs 15760 & 15700 levels. 

However domestic gold futures failed to break the Rs 16000 level and mark a new all time high on rapid appreciation in the Indian Rupee this week. Domestic gold had rallied to a seven month high of Rs 16,009 rupees per 10 grams last month, within reach of its all-time high of 16,040, struck on Feb. 20 2009.
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