Commodities
Monday, September 26, 2011
GOLD
GOLD INR: (Bearish)
Gold closed @ 26716 on 24/09/2011. It has formed rising wedge kind of bearish pattern in Final wave-(v) of V of 5 as per count. It has broken out of this pattern as per chart attached & finally confirmed the downward trend.
It has immediate support near 25400 levels. It can bounce back from this level. One can use every rise to exit from gold.
Trader should sell it with SL-28745 (recent high) with medium term lower targets of 22800 to 21600 levels.
It has immediate support near 25400 levels. It can bounce back from this level. One can use every rise to exit from gold.
Trader should sell it with SL-28745 (recent high) with medium term lower targets of 22800 to 21600 levels.