Gold traded in the tight range and traded above 28000 mark some pressure seen as traders awaited the outcome of negotiations on a Greek debt swap deal and eyed a EU summit later in the day but recovery seen as support seen from rupee which retreated from a near three-month high, weighed by weak equities, dollar demand from a local steelmaker and oil importers.
Concerns over talks aimed at restructuring Greek debt escalated after German Chancellor said earlier that European leaders were not expected to finalize Greece’s second bailout program at summit. Her comments came after German FM said in the Wall Street Journal that the euro zone may refuse to grant Greece a fresh bailout unless it convinces Europe that it can fully implement commitments attached to earlier bailout packages.
Further weighing on sentiment, the cost of insuring Portuguese sovereign debt against default continued to spike higher, hitting a euro-lifetime high for the third consecutive day, amid growing fears the country may need a bailout. Now technically market is trading in the range as RSI for 18days is currently indicating 54.21, where as 50DMA is at 27876 and gold is trading above the same and getting support at 27905 and below could see a test of 27750 level, And resistance is now likely to be seen at 28154, a move above could see prices testing 28248.
Trading Ideas for share tips free :
Gold trading range is 27750-28248.
Gold traded in the tight range as traders awaited the outcome of negotiations on a Greek debt swap deal.
Support seen as rupee retreated from a near three-month high weighed by weak equities, dollar demand.
Return of Chinese market participants after holiday fails to prop up gold prices.
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