GOLD - Glittering bright!!

The Nifty movement today was psychological one- it seems. It touched it's recent low of near 3800 levels on opening with a gap down and the most likely scenario was that the bearish sentiment would not continue. The participants of my workshops know why !!

But the next time the Nifty tries to retest those levels, it will most likely break them. Lets keep our fingers crossed. For tomorrow (Friday) 4075-4090 is a resistance area while crucial support is at 4010.

GOLD made a historic run yesterday in the international market when it rallied more than $80 in a single day. In the Indian markets too , after taking crucial support at 11000+ levels, it has rebounded. Fundamental analysis attribute this to a shift of funds in to Gold due to the financial crises faced the world over, after the Lehman bankrupcy.



Consider the bullish trend in Bullion intact till the Rs 11000/- level holds. In the upward momentum, I expect that GOLD on MCX may reach a newer high, much before it does in New York.
Happy Trading!

CA Rajiv D Khatlawala