Gold set for biggest loss in 5 months on US stimulus woes

Gold was headed for its biggest monthly drop since June as a recovering US economy prompted investors to shift money to rallying equities, amid expectations of an end to easy central bank money. Gold has shed 6 percent for the month and has lost more than a quarter of its value so far this year, which puts it on track to post its first annual loss in 13 years.

 It has stayed below US 1,300 for three weeks now and has been largely rangebound in the last few sessions due to thin trading around the US Thanksgiving holiday. "It's that time of the year when people are really reluctant to leave the sidelines. And there has been no catalyst to push prices either way," said a Hong Kong-based precious metals trader. "From a positioning standpoint, people have already exhausted on the downside. We could possibly end higher for the year from current levels." Spot gold was unchanged at USD 1,244.50 an ounce by 0751 GMT. Silver, platinum and palladium were all trading higher. The next big push for prices could be in early December when US nonfarm payroll data is expected. Economic data has become a significant driver of gold prices as the outlook for US monetary stimulus depends on the strength of the recovery. The USD 85 billion in monthly bond purchases by the U.S. Federal Reserve have burnished gold's appeal as an inflation hedge. PHYSICAL SUPPORT Buying from China, set to become the world's biggest consumer of gold this year, picked up this week as prices continued to be under pressure. On Thursday, traded volumes of 99.99 percent purity gold on the Shanghai Gold Exchange hit their highest in seven weeks. Volumes for the week at the Friday close were the highest since the last week of September. 

GOLD UPDATES

Positionally Immediate support for Goldm is 29980.Resistance for the Goldm is 30706-30834-30835-30864-31033-31284

GOLDM RES 30507.2 : 30653.5 : 30592.8 : 30629.2

GOLDM SUP 30154.8 : 30008.5 : 30070.3 : 30034.3

GOLD UPDATES

Positionally Immediate support for Goldm is 30164.Resistance for the Goldm is 30679-30850-30877-30890-31099-31303

GOLDM RES 30662.3 : 30896.6 : 30642 : 30678.4

GOLDM SUP 30097.7 : 29863.4 : 30119.1 : 30083

INTRADAY BUY GOLD AT 29910 TGT 30200, 30400 SL  29700

GOLD UPDATES

Positionally Support for the Goldm is 30689-30651-30608-30274-.Resistance for the Goldm is 31205-31339-

GOLDM RES    31255.7 :    31464.7 :    31268.7 :   31305.5

GOLDM SUP    30752.3 :    30543.3 :    30740.4 :   30704

INTRADAY SELL GOLD AROUND 30350,3400 TGT 30200, 30000 SL 30500

GOLD RES AND SUP

GOLDM RES 31093.8 : 31234.7 : 31188.3 : 31225.1

GOLDM SUP  30754.2 : 30613.3 : 30660.8 : 30624.4

GOLD NEWS

Positionally Support for the Goldm is 29876-.Resistance for the Goldm is 30932-30970-31055-31153-31380-

GOLD UPDATES

Currently Goldm is in strong downtrend with good momentum and the trend is supported with good volume

GOLDM RES 30801.1 : 30993.8 : 30831.8 : 30868.4


GOLDM SUP 30336.9 : 30144.2 : 30307.3 : 30271.1

INTRADAY SELL GOLD 30000 TGT 29850, 29700 SL 30150

METAL UPDATES

 MCX Zinc Nov :  Sell around 119.50 levels with a stop loss placed above 121 levels for targets of 117 levels. 

MCX Aluminium Nov : Sell around 112 levels with a stop loss placed above 113 levels for targets of 110 levels.

MCX Nickel Nov : Sell around 899 levels with a stop loss placed above 910 levels for targets of 870 levels.  

GOLD UPDATES

Positionally Support for the Goldm is 29745-.Resistance for the Goldm is 30924-30974-31168-31397-31585

GOLD UPDATES

GOLDM RES 31347.1 : 31451.8 : 31486.6 : 31523.5

GOLDM SUP 31094.9 : 30990.2 : 30956.5 : 30919.9