Daily Gold Report - Gold prices were triggered at $1377 range marking its day high, besides comex Gold , Gold is getting immense support from Indian Rupee.
The worst of all Indian Rupee hit life low yesterday marking the worst record low in a day time. Gold prices will be hinting for a direction after today's FOMC MEETING MINUTES due by 11.30pm.
As we mentioned earlier, all these dramatic scenario being created by the world economy will not impact Gold in anyways, understand very clearly now the short covering rally will come to end very soon, since there is no price hike in Physical Gold prices even after comex gold prices increased till $1384, Rupee depreciated till 63.55.
Even after a increase in Comex Gold and Rupee towards Gold, why physical gold premium is not there??
Because the game is almost over in commodities and Indian Government planning to release the ban on Gold ahead of the oncoming Festival season.just an announcement from Indian Government released the premium to $10 from $40 to buy Gold from banks.
Every issue is interrelated, we all traders,speculators,investors and brokers are and will get smashed in this volatility, no reasons provided for safety concerns. Only notion is that "the game gone international"
<u>Only break above $1343> $1368 > $1380> $1402. If fails to break then $13022 < $1304 < $1286 < $1252 then below $1200 possible.</u>
Successfully if Gold reaches and doesn't break $1343 then the first phase of corrective rally will end. Remember the levels.