Gold - Is the Shine fading ?

The Indian markets continue to reel under pressure as the Nifty / Sensex are not able to sustain upmove / up gaps. Down target of 4225 and 4165 are seeming more likely, seeing the selling pressure. Some relief to the bulls can come only on the Nifty rising above 4405 - till then bulls may go in hibernation!!!



GOLD has been stuck in a range of $ 790 and $ 835 in international markets while in Indian commodity exchanges, it is stuck in the range of Rs 11200 and Rs 12000/-. A break out of this range can provide good trading opportunity to traders.

A break below Rs 11000/- can lead it to test Rs 10450 - 10250 levels while on the upside, gold will resume it's bullishness on close above 12050/-. Watch out for these levels. We may say it is the 'calm before the storm!'

Happy trading

CA Rajiv D Khatlawala