The last week has been a fright fest for the gold “community”. But these are the financial markets, not a community. There is a world outside of whatever is going on in gold and silver. A macro economic backdrop filled with entwined and correlated assets and markets all trying to form a message when taken as a whole.
Gold prices at MCX are witnessing a bear rally to lower levels. Volatility of the commodity remains high on high volumes. It is now trading around 25270-27450 levels for the week.
The wedge pattern was broken at 27680 levels; the commodity has suffered a bear rally for the week. The commodity may sustain its position at 26000 levels, and may move to 26500 levels. Short recovery is expected for the medium term.
On the charts, gold is witnessing a bearish picture. The commodity is now shaping into a neutral flag pattern. MACD is still negative and P-ROC (Rate of Change) is at negative momentum. RSI is bearish at 15.5 levels.
The trend line at 25200 levels is kept cautious and if the commodity breaches this level, steady rise to 26500 levels is expected.
The commodity still appears at the lower Bollinger levels, Stochastic is at oversold levels. The variation in Dollar index has impacted gold prices.
Short recovery is expected on gold prices, since investors may take buy position on dips.
Gold Comex has slightly recovered from lower levels, but the commodity is still in the danger zone. Spot Gold has taken position around $1377-1393 levels.
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MCX Gold May Witness Short Recovery; Correction On U.S Gold
Published 04/18/2013, 08:03 AM
Updated 05/14/2017, 06:45 AM
MCX Gold May Witness Short Recovery; Correction On U.S Gold
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