Commodities
Wednesday, September 18, 2013
GOLD IN INR
GOLD IN INR- 29723 (17.09.2013)
Still Not Investment Grade preferred Asset class at current levels.
(Effect of Weak INR against USD)
(Not to be carried away in Euphoria rally in Gold in INR)
It closed at 29723 on 17.09.2013. It has surpassed the previous high of 32464 levels & made an all time high of 35074 levels beyond my anticipation but all thanks to weak Rupee effect against USD. Gold in INR was having one missing leg on quarterly charts for this Bull market (i.e. - 13th leg) as per chart attached, has finally completed it & made a new high. It started to fall from higher levels.
The recent fall from TOP is gold in INR looks 5 wave decline as per chart attached. Although its pre-emptive but can be possible end of this last & final 13th leg from wave count perspective in Gold in INR
But broader conclusion for gold in INR as follows.
1. Reiterating the same thing again it’s still not preferred asset class for Investment perspective from long to medium term perspective.
2. Close below 30859 levels on yearly basis this calendar year (i.e. Dec-2013) will confirm this count on yearly basis & then Gold in INR will be in deeper wave-II correction.
It may further remain volatile ahead of Weak Rupee & make possible one more attempt to surpass all time high in INR which looks unlikely at current levels but one should not carried away in Euphoria rally in Gold in INR & especially driven by weak domestic currency.
Being Indian we always have affection towards Gold, therefore, this note is for those who have a still appetite to buy SAFE HAVEN (i.e. - both Precious metals Gold & silver) for Investment perspective.
Still Not Investment Grade preferred Asset class at current levels.
(Effect of Weak INR against USD)
(Not to be carried away in Euphoria rally in Gold in INR)
The recent fall from TOP is gold in INR looks 5 wave decline as per chart attached. Although its pre-emptive but can be possible end of this last & final 13th leg from wave count perspective in Gold in INR
But broader conclusion for gold in INR as follows.
1. Reiterating the same thing again it’s still not preferred asset class for Investment perspective from long to medium term perspective.
2. Close below 30859 levels on yearly basis this calendar year (i.e. Dec-2013) will confirm this count on yearly basis & then Gold in INR will be in deeper wave-II correction.
It may further remain volatile ahead of Weak Rupee & make possible one more attempt to surpass all time high in INR which looks unlikely at current levels but one should not carried away in Euphoria rally in Gold in INR & especially driven by weak domestic currency.
Being Indian we always have affection towards Gold, therefore, this note is for those who have a still appetite to buy SAFE HAVEN (i.e. - both Precious metals Gold & silver) for Investment perspective.