AUG 12 TUESDAY
SHORT TERM TREND : BEARISH : TARGET RS 19650
LONG TERM TREND : BULLISH : TARGET Rs 29000
S1 RS 20330, S2 RS 20000, S3 RS 19680
R1 RS 20980, R2 RS 21160, R3 RS 21380
MARKET IS EXPECTED TO M0VE SIDEWYS TO LOWER.
WAIT FOR RESISTENCE FOR FRESH SHORTS.
Among other metals Monday, silver was also a big loser.
September silver fell 71 cents, or 4.6%, to close at $14.62
an ounce.
Gold futures closed at their lowest level of the year Monday
as a decline in oil prices and strength in the dollar sent the
precious metal's prices down by more than 4% an ounce in
electronic trading.
The dollar held the line on last week's robust gains Monday, and
analysts said the greenback may catch renewed strength if the
price of crude oil can continue to hold below $120 a barrel.
The dollar index which measures the U.S. dollar against a basket
of major currencies, rose to 76.25, up from 75.82 in late North
American trading Friday. A combination of factors drove the dollar's
rise last week, such as the European Central Bank admitting
weakness in the euro-zone economy.
Meanwhile, crude futures fell below $115 per barrel in New York
Monday, with the September contract down 75 cents to close at
$114.45 on Nymex. Prices haven't traded this low since early May.
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