Commodity Trading TipsFinancial News

COMEX Gold plunged $ 18, All Eyes pinned on Eurozone Meeting

There is a Selling pressure is building up in Gold before the meeting of Eurozone. COMEX Gold is trading on $ 1166 with a marginal fall of 0.20% on international market. From past trading week COMEX gold has been fell upto $18. Usually experts were hoping a boom in Gold after a strong Dollar trend and Greece crisis, but it has an opposite impact and fell down in last week. As per Pinnacle Financial Experts MCX Gold may see the 26000 or below level in short term trading.

Commodity Trend
MCX Gold has Down Trend

Gold May Fall More
According to our research reports USD has crossed 96 level against the major currencies. This causes is being witnessed pressure in Gold price. Now all eye are on Tuesday’s Eurozone meeting. While France and Germany have said that they came up to financial assistance of Greece with the new proposal. In this case Gold prices could slip below 26000 Rs. in Indian Commodity Market.

MCX Commodity Tips Today
If you want to trade in Current situation then our Experts have suggested to Sell MCX Gold (Aug Futures) below 26150 with Stoploss at 26300 and target of 25900

Dollar has ended glow of Gold Today
Greece crisis to grow Strong trend is looking in the euro against the dollar. Major currency is trading at 96.40 against the dollar, which is the highest level in a month. According to experts in the US interest rates are expected to grow this year. This causes the dollar could reach 98 across.

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