Gold opened at USD 845.75/847.75 in New York and ticked higher on light trading before peaking at USD 852.00/854. Dealers later took profit causing it to slip from its high, dipping to an intraday low of USD 843.50/845.50. The market was extremely quiet during much of the session as we approach the holiday, with gold trading within a narrow range before finally settling at USD 846.00/848, said Ajay Kedia, managing director, Kedia Commodities.
At the MCX, gold February, 2009 contract opened at Rs 13,030 per 10 gram as against its earlier closing of Rs 13,020 and traded at Rs 13,070 per 10 gram, up 0.38% (11.37 a.m., Tuesday). The support for the gold MCX is seen at Rs 12,824 and below could see a test of Rs 12,628. Resistance is now likely to be seen at Rs 13152, a move above could see prices testing Rs 13,284.
He recommended buying in gold on dip till Rs 12,900-940 and stop loss of Rs 12,860 and target of Rs 12,968-13,000-13,065-13,122.
