Commodities
Friday, November 02, 2012
GOLD
GOLD IN INR: (NEAR MEDIUM TERM SUPPORTS/REVERSAL LEVELS): Be Alert
Gold closed @30424 levels as on 02-11-2012. Its trading near to very crucial medium term support/reversal levels (i.e. - Long term trend lines) as per chart attached. Level wise support zone comes in the range of 30000-29700 levels. One should watch out Gold behavior around these levels, break & close below these levels will finally confirm medium term reversal & one can expect sharp fall in GOLD INR till tgt1-27500 levels & below it further till tgt2-25000 levels in medium term.
Short term trend remains down till it trades below 31500 levels. Below 29700, next support for GOLD is at 29000 in short term.
Momentum indicators are very weak. All momentum indicators daily, weekly & monthly all are in sell showing weakness. Its momentum indicators weekly MACD went in sell & also showing bearish H&S kind of pattern as per chart attached. One should alert at current levels in GOLD INR for either of side Medium term Trend.
Short term trend remains down till it trades below 31500 levels. Below 29700, next support for GOLD is at 29000 in short term.
Momentum indicators are very weak. All momentum indicators daily, weekly & monthly all are in sell showing weakness. Its momentum indicators weekly MACD went in sell & also showing bearish H&S kind of pattern as per chart attached. One should alert at current levels in GOLD INR for either of side Medium term Trend.