Gold prices may witness down, support at Rs 27500/10 gmsGold prices may witness down, support at Rs 27500/10 gms
Prices are likely to go further down as bears are now controlling the market and not letting the bulls act in northwards direction.
Gold prices tumbled last week and breached its immediate support of Rs. 27750/10 gms after that prices also broke its very strong support downside of Rs. 27500/10 gms working for over medium term and entered into the bearish zone but further supported by a psychological level of Rs. 27000/10 gms. Prices are likely to go further down as bears are now controlling the market and not letting the bulls act in northwards direction. For the next week, prices might take a bounce back until the higher levels of Rs. 27700-27750/10 gms where fresh selling pressure should be seen and downwards pressure might remain intact for some more time. Short term indicators are still in the selling zone but might favor some buying for only few sessions.