Gold and silver..

RaahiShah Wed Jun 06, 2012 6:36 pm

GOLD (AUG) – The ECB is expected to indicate a readiness to cut interest rates as soon as next month but hold back from policy moves, after a Group of Seven emergency conference call on Tuesday failed to produce any concrete solution. Gold has held steady above $1,600 an ounce since it rallied 4.3 percent last Friday, as investors expect further monetary easing from the central banks, especially the U.S. Federal Reserve, after data showed a surprisingly weak job market. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:

TREND CONSOLIDATE
SUPPORT 1: 29880
SUPPORT 2: 29635
RESIST 1: 30160
RESIST 2: 30380

SILVER (JUL)– Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows.

TREND CONSOLIDATE
SUPPORT 1: 53320
SUPPORT 2: 52813
RESIST 1: 54535
RESIST 2: 55120

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