Federal Reserve policy statement later in the day, in which the bank is expected to outline fresh measures to stimulate U.S. economic growth. Due to the policy results Gold prices held steady below $1,620 an ounce on Wednesday.Gold is still rangebound within the confines of its major 1532.20/1522.48 support zone (September and December 2011 lows) and the 1641 current June peak.Gold fell in the international market while the silver traded in the positive note.
Crude Oil fell below $84 a barrel Wednesday.In London, Brent crude for August delivery was down 75 cents at $95.01 per barrel on the ICE Futures exchange.
Trading Strategies for today 21 June 2012
MCX Gold Sell below 30100, Stop loss 30200, Target 30000.
MCX Silver Sell below 54200, Stop loss 54600, Target 53800.
MCX Copper Buy above 424, Stop loss 422, Target 426-427.
MCX Lead Buy above 107.40, Stop loss 107, Target 107.80.
MCX Zinc Buy above 106, Stop loss 105.60, Target 106.40
MCX Nickel Buy above 966, Stop loss 960, Target 972.
MCX Natural Gas Sell below 147, Stop loss 150, Target 144.