SEPT 2 TUESDAY
SHORT TERM TREND : BEARISH
LONG TERM TREND : BEARISH
S1 RS 19900, 19660
R1 RS 20180, R2 RS 20340
SELL AT RS 20160 TO 20170
STOP LOSS RS 20380
TARGET RS 19700
Silver $13.43/13.49 anounce from $13.58/13.68
an ounce late in New York.
Trade thin as the U.S. markets shut for Labor Day.
Oil down as Gustav shows no sign of strengthening.
Dollar's rise puts on further pressure.
Gold fell on Monday as hopesHurricane Gustav would
do less damage than first feared to theLouisiana coast
bolstered the dollar and pressured oil prices.
Platinum tumbled almost 4 percent as poor car sales and a
slowing U.S. economy weighed on the metal, which has fallen
nearly 40 percent since hitting a lifetime high of $2,290 an
ounce in March.
Oil fell by almost $3 a barrel as Hurricane Gustav weakened
shortly before making landfall. The hurricane has forced the
shutdown of nine refineries and nearly all U.S. Gulf of Mexico
oil production.
The U.S. dollar index rose to a year high, lessening the
appeal of gold as an alternative to the dollar and making the
metal more expensive for local currency holders.
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