Gold Could Be Under Selling Pressure On Close Below Rs 28350

Published 12/31/2013, 05:24 AM
Gold
Gold traded downward in the last week and the counter was mostly traded at around 2 months low but managed to close the week above the same. Presently, the counter has managed to hold above Rs 28350 per 10 gms at MCX or $ 1182 per ounce at COMEX which seems to be a strong support level for the counter and traded higher supported by short term momentum indicator RSI (9) which suggest the counter is under oversold zone, traders can initiate fresh long position in the counter for the upside target of Rs 29000 to Rs 29500 per 10 gms at MCX or $ 1260 per ounce at COMEX.

On the contrary, closing below Rs 28350 per 10 gms could bring fresh selling pressure in the counter for the downside level of Rs 27800 per 10 gms in upcoming weeks.

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