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Gold:Immediate Higher Side At $1280

ByCommodityOnline
Published 02/11/2014, 05:37 AM
Updated 05/14/2017, 06:45 AM


Gold prices recovered last week and witnessed its sixth weekly gain in last seven in the international market, whereas it was the fifth week of gains out of seven at MCX. Though prices traded northwards last week but halted by a strong resistance on the immediate higher side at $1280/oz on a closing basis, while Rs. 29100/10 gms level is stopping the counter to move further higher.

Once the above said levels crossed and sustained for some time with increasing volumes then we might expect some more upside movement in the coming few sessions. There is a gap on the daily charts due to the last expiry and next months starting contract, so prices may fill the gap before it can show its next decisive move in the coming weeks. Short term indicators also generated fresh buying signals on the daily charts and might support prices for the coming week.

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