JULY 31 THURSDAY
SHORT TERM TREND : SIDEWAYS: TARGET RS 24260 TO 24750
LONG TERM TREND : BULLISH : TARGET RS 29000
S1 RS 24430, S2 RS 24260, S3 RS 24020
R1 RS 24750, R2 RS 24930, R3 RS 25170
MARKET IS EXPECTED TO MOVE SIDEWAYS.
PRICES ARE EXPECTED TO TAKE SOME UPWARD CORRECTION.
WAIT FOR FRESH ENTRIES.
Silver tumbled to $17.50/17.57 an ounce from
$17.32/17.38 late on Tuesday in New York.
Gold ended more than 1 percent lower on Wednesday,
erasing early heavy losses as a late crude oil rally offset
an initial dollar rise and equities gains.
The U.S. Federal Reserve also said it is boosting liquidity
in the financial markets. The Fed said it will extend two
lending facilities through to January, and announced
new coordinated action with the ECB.
However, gold recouped some of its losses as crude oil staged
a rally after U.S. government data showed an unexpected
drop in gasoline stocks, boosting gold's inflation hedge
appeal. U.S. crude futures CLc1 ended up $4.58 at
$126.77 an ounce.
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