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    • Gold demand weakens in India on Diwali

    Posted by Commodity Tips India
    Posted on -
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    Demand of MCX gold in the market has weakened in the commodity market. The gold has failed to jump the expected levels in the today's trade. The Rupee is gaining strength in the currency market. Thouch the the demand of gold and silver are expected to grow as the fective season ahead. At present the demand remains sensitive in the market. we are looking for a break above the range highs near 1803 to confirm our bullish view for gold. Actually the picture of Spain issue is not very clear to any one in the market. That is why the traders and investors are fearing in long position of gold and silver. Barclays in it's report has said that the gold demand in India will lower down in festive season of Diwali due to the high prices.
    We will recommend following MCX Dec: Intraday Levels : Resistance: 31260/31450/31590/31840-900. Support: 31050/30900/30740/30500
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