Gold Slightly Bullish, Could Hit 29550-600 Levels

Published 01/15/2014, 06:24 AM
Gold
Gold prices started the week with some negative bias, which proved profit taking of an earlier week’s gains but at the end of the week prices recovered early week’s losses and closed with the recovery of more than 50% of losses. Alt-hough. Prices ended the week in negative but the weekly candle was slightly bullish.

On the contrary, prices closed with close to 1% weekly gains in the inter-national markets, facing a very strong immediate resistance of $1250/oz and a daily close above the levels might attract more buying into the system. At MCX too, prices closed with a bullish tone above Rs. 29000/10 gms and might gain some more upside in the coming week too. For the coming week, if prices could sustain above Rs. 29300/10 gms then could touch upper levels near Rs. 29550-29600/10 gms during the week.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.