Commodity Trading Tips for gold by KediaCommodity

Gold slipped as an encouraging U. S. jobsreport boosted the dollar, though euro zone debt worries and unrest in the Middle East lifted bullion off lows. Gold recorded a 10th consecutive quarter of gains in the first three months of
2011, but it was the smallest rise since thefinancial crisis gripped markets in late 2008. Despite a rally in energy prices, stagnant growth in wages does not bode well for gold's inflation-hedge appeal. Gold tends to suffer when rates climb, as the opportunity cost of holding non-yielding assets increases. Now technically market is trading in the range as RSI for 18days is currently indicating 47.84, where as 50DMA is at 21023.44 and gold is trading below the same and getting support at 20931 and below could see a test of 20917 level, And resistance is now likely to be seen at 20959, a move above could see prices testing 20973.

Trading Ideas:

Gold trading range is 20917-20973.

Gold ended flat Saturday after dropping Friday as an encouraging U. S. jobs report boosted the dollar

Gold looks to take support at 20860 and resistance at 21000

In spot gold looks to take support at 1440$ and resistance at 1416$ level.

(Source: http://www.topnews.in/commodity-trading-tips-gold-kediacommodity-2320910)