Commodity Updates - Gold Prediction For 6 Aug .

 
BUY GOLD OCT @ 30700 SL 30550 TGT 30880-31000.MCX

Gold:  Gold trading range for the day is 30491-31009. Gold gained as the dollar fell on unexpectedly weak U.S. manufacturing data that raised doubts about the economy's strength. Gold on MCX settled up 0.16% at 30772 tracking Comex Gold which turned higher from the day's low where gold touched its lowest level since June 24 at $1,301.91 an ounce, before settled up by 0.4 percent at $1,317.10 The current gold/silver ratio sits at 69.548 down from yesterday’s 70.104. The ratio, when looking at their spot prices, sits at 69.71 . While Holdings of SPDR Gold Trust, fell for a third straight session. Holdings dropped 0.57 percent to 937.89 tonnes on Thursday. 

Technically market is under short covering as market has witnessed drop in open interest by -3.19% to settled at 8494 while prices up 48 rupee, now Gold is getting support at 30631 and below same could see a test of 30491 level, And resistance is now likely to be seen at 30890, a move above could see prices testing 31009.

Outlook: We expect gold prices to trade positive 

	R2	R1	S1		S2	TREND
GOLD	31000	30800	30500		30350	BULLISH

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