It has been a volatile session yesterday not just gold and silver but also in global equities as they closed lower. Dow Jones had risen over 100 points only close in the red. Gold and silver has a similar fate and closed in the red.Volatility is due to risk aversion ahead of the Fed meeting and rise in demand for US year bonds. Investors are nervous over the lagging effect of bear sterns.
Funds and investors are sitting on cash as they wait for the Fed meeting to be over. Apprehensions that the current carry trade rally has been over extended could result in some unwinding of positions which could result in equities and commodities falling further.One should another volatile day in the offing. Currency markets and equities will dictate commodities for the day.
GOLD -- AUGUST FUTURE
Gold needs to hold $646.50 to prevent further losses to $641 and $633. On the higher side $657.50 and $660.10 are the initial resistance with $664.50 as the key resistance.
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