Gold updates

Gold futures kicked off the week on a weak note in Asia today after the commodity jumped to highest level in six weeks on Friday as the U.S. dollar came under heavy selling pressure amid hopes that a deal on an aid payment for Greece.
Most major Asia stock markets seesawed in Monday trading, though Japanese equities outperformed to hit a seven-month high as the yen weakened further against major rivals. Japan’s Nikkei Stock Average climbed 0.8% to a level not seen since late April as investors returned from a three-day weekend.
Chinese trading started the week on a muted note, with Hong Kong’s Hang Seng Index down 0.1%, and the Shanghai Composite index lower by 0.3%.
Gold futures for December delivery are trading down $3.1 at $ 1748.3 an ounce on the Comex division of the New York Mercantile Exchange. On the week, gold futures rallied 2.3%. It may find support near $1720 levels and resistance near $1775 levels.
In the coming week, market participants will be focusing on Monday’s meeting of the euro group of finance ministers to discuss unlocking Greece’s next aid installment. Traders will also monitor developments surrounding the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1.
There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.
MCX Gold December futures may open today’s session near Rs 32240 levels with support near Rs 32200 and Rs 32150 levels.

Gold Tips

Gold futures began week on strong note in Asia electronic trades today, after retreating 1% last week on ongoing fears over the looming fiscal crisis in the U.S. and growing tension in the Middle East.

December delivery gold futures are trading up $7.3 at $ 1722 an ounce on the Comex division of the New York Mercantile Exchange. The counter may find support near $1685 levels with resistance near $1740 levels in the near term.

Silver for December delivery fell 1.1% on Friday to settle the week at $32.30 a troy ounce. Earlier in the session, silver futures touched a one-week low of $32.02 a troy ounce. On the week, silver futures shed 0.7%.

Investors continue to remain concerned over the looming “fiscal cliff” in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1. Congressional leaders said talks with President Barack Obama on Friday to avert the fiscal crisis were "constructive."

There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise in the seven weeks left before the January 1 deadline.

Gold hit a one-week low of $1,704.55 a troy ounce on Thursday, after the World Gold Council said global demand for the precious metal dropped 11% in the third quarter.

In the coming week, market participants will be focusing on developments relating to the U.S.http://www.commoditytipsadvisory.com/ fiscal cliff, as well as Tuesday’s meeting of the euro group of finance ministers to discuss unlocking Greece’s next aid installment.

MCX December gold futures may open today’s session near Rs 31,670 levels with resistance near Rs 31700 -750 levels.

Gold Tips

MCX Gold December have surged in the in the early hours moves today, going up in tune with the ferocious gains in the COMEX Gold December as a signal of strong buying lifted the commodity to its three week highs. The COMEX Gold December added moving gains last night even as US stocks drop as traders eyed an conservatory of ultra loose US economic policy after President Barack Obama's re-election. COMEX Gold December are trading around its three week highs at $1737.50, up $11.40 per ounce on the day.

The US equities eased the past day in the middle of doubts about scary economic woes. The traders are now worrying about the US fiscal cliff, automatic tax hike and spending cuts amounting to $600 billion due to take effect early next year that could send the US economy back to downturn. This is boosting shareholder craving for safe-haven assets like gold.

The Euro zone slipped again the past day , continuously contrary complexity on rising moves among a string of weak economic data that continues to keep the Euro zone area in a attach of slowing growth and persistent debit reservations. The European Central Bank refrained from further motivation measures the past day and said it cannot do much more to help Greece and gave Spain none of the guarantee it wants that ECB bond buying will lower its borrowing costs.

Last Week:-

Gold Prices started the new trading week on an up move. Comex Gold future Prices rose reasonably higher the past day on some bargain hunting buying interest after Friday’s big sell off meeting, but rises remain limited by a stronger US money index that hit a fresh two-month high.