Commodities
Thursday, November 27, 2012
GOLD
GOLD IN INR (Short term-Range bound): (Medium term- Bullish)
Gold closed at 31903 levels as on 28/11/2012. It has sharply reversed & made a “U” turn near from medium term support/Reversal levels of 30000 as mentioned earlier on 2/11/2012. It made a low of 30366 on 02/11/2012.
It made high of 32464 on 26\11\2012 recently & made a double top formation on daily charts. Daily KST momentum indicators also went in to sell, it still looks like range bound trend in gold between 30000-32500 levels for short term. Break out from this range will lead to Trend with momentum for medium term higher levels targets.
Medium term trend looks strong till GOLD (In INR) as long as it trades above 30000 levels. It’s a very crucial support zone for medium term perspective.
One can BUY at current levels or any kind of short term consolidation for medium term targets of 35000 levels.
It made high of 32464 on 26\11\2012 recently & made a double top formation on daily charts. Daily KST momentum indicators also went in to sell, it still looks like range bound trend in gold between 30000-32500 levels for short term. Break out from this range will lead to Trend with momentum for medium term higher levels targets.
Medium term trend looks strong till GOLD (In INR) as long as it trades above 30000 levels. It’s a very crucial support zone for medium term perspective.
One can BUY at current levels or any kind of short term consolidation for medium term targets of 35000 levels.