India Forex bearish on Gold; target USD 1550

Gold is trading stable at 1663 levels. The gold is trading on a flat to positive note on the back of disappointing U.S. growth and European debt jitters which are boosting the investment demand for gold. Gold is currently looked upon as a safe heaven. Support is at 1622 level, whereas strong resistance can be seen near 1674 (100 day EMA) level. Overall look at a range of 1-3 months at 1550-1630 levels. Overall Target 1550 levels. Gold in INR is rising to all time highs due to weakening rupee.

WTI Crude is trading at USD 104.73 levels. Strong near term support is at 103.67 (55 day EMA) and resistance at 105.52. Overall range of 100-105 with bearish bias.

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