Gold inched down on Tuesday toward a key resistance level of $1,600 per ounce as safe-haven demand ebbed after Cyprus clinched a last-ditch rescue deal, but lingering concerns about the health of the euro zone's banking system checked losses.
2. 8
NEWS RADAR
Gold inched down on Tuesday toward a key resistance level of $1,600
per ounce as safe-haven demand ebbed after Cyprus clinched a last-
ditch rescue deal, but lingering concerns about the health of the euro
zone's banking system checked losses.While Cyprus's deal with
international lenders to shut down the country's second largest bank in
return for 10 billion euros in rescue funds removed the immediate risk
of a financial meltdown, investors were worried this could set a new
precedent in restructuring the euro zone banking sector.Gold, which
typically benefits from economic uncertainty,pushed to a three-week
high above $1,616 an ounce last week amidworries around the Cyprus
bailout. It dropped to a 1-1/2 week low of $1,589.49 on Monday after
the 11th-hour rescue.
TRADING TIPS EXPERT OPINION
SELL GOLD ABOVE 1596 TGS GOLD LOOKS BEARISH
1600/1606 SL 1590 SILVER LOOKS BEARISH
SELL SILVER ABOVE 28.00 CRUDE OIL LOOKS BEARISH
TGS 27.80/27.60 SL 28.20 COPPER LOOKS BEARISH
SELL COPPER BELOW 3.3300 NGAS LOOKS BEARISH
TGS 3.3100/3.2900 SL LEAD LOOKS BEARISH
3.3500 NICKEL LOOKS BEARISH
SELL CRUDE AROUND 96.50 ALUMINIUM LOOKS BEARSIH
TGS 95.80/95.60 SL 96.70 ZINC LOOKS BEARISH
3. GOLD HOURLY CHART
S1 S2 R1 R2
1590 1584 1600 1606
GOLD LOOKS BULLISH BUY AROUND 1596.00
LEVEL IS SUGGESTED AND RECOMMENDED TO
BOOK PROFIT NEAR 1602.00 LEVEL AND
MAINTAINING SL OF 1590.00
4. SILVER HOURLY CHART
S1 S2 R1 R2
28.00 27.80 28.30 28.50
SILVER LOOKS BULLISH BUY AROUND 28.50
LEVEL IS SUGGESTED AND RECOMMENDED TO
BOOK PROFIT NEAR 28.70 LEVEL AND
MAINTAINING SL OF 28.30
5. COPPER HOURLY CHART
S1 S2 R1 R2
3.3200 3.3000 3.3600 3.3800
COPPER LOOKS BEARISH SELL AROUND 3.3800
LEVEL IS SUGGESTED AND RECOMMENDED TO
BOOK PROFIT NEAR 3.3600 LEVEL AND
MAINTAINING SL OF 3.4000
0
6. CRUDE OIL HOURLY CHART
S1 S2 R1 R2
96.30 96.10 96.70 96.90
CRUDE LOOKS BEARISH SELL AROUND 97.30 LEVEL
IS SUGGESTED AND RECOMMENDED TO BOOK
PROFIT NEAR 97.10 LEVEL AND MAINTAINING SL
OF 97.50
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