Now technically commodity market is trading in the range as RCI for 15 Days is currently indicating 58.48, where as 50DMA is at 22368.38 and gold is trading above the same and getting support at 22640 and below could see a test of 22560 level, and resistance is now likely to be seen at 22712, a move above could see prices testing 22780.
In Indian commodity market Gold advanced for a second day and trading above 22620 level well support above the 22500 level on speculation borrowing costs in the U.S. will remain low after economic data signaled the recovery may be filtering , hunting the dollar and boosting the appeal of precious metals.
The U.S currency fell to a one –month low against the euro earlier this week. Payrolls grew at the slowest pace in eight month in may, manufacturing expanded at the slowest pace in more than a year, and consumer spending rose less than forecast in April,reports showed last week.
That’s prompted even some of the more optimistic economists to question the U.S. recovery’s durability.Precious metals prices remain supported by disappointing U.S. macro data , the weaker dollar and the probability over a second major Greek bailout, as market believe the prevalence of global macroeconomic uncertainty will push the complex to test recent highs.
Futures climbed for a fourth week last week as the dollar fell against a six-currency basket including the euro.While the dollar had its best monthly gain since November last month, it fell last week after weaker than forecast reports on manufacturing , employment and consumer confidence reinforced speculation the Fedral Reserve will keep interest rates near zero.
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