Time to watch where Gold is moving. After testing the magical figure of $1225 , it has since retraced back towards $ 1100 and below. This was bound to happen as the race towards $1225 was 'parabolic' and steep.
The GOLD Chart (in $ terms - not MCX) suggests that a further fall towards $1075 and below should actually provide short term traders an opportunity to buy it for a quick rebound. I presume this should correspond to about Rs 16300 price range on MCX.
Though the indicators have started to weaken, there is a high possibility of a rebound from the oversold level - below $1075. . .
Watch out !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
1 comment:
Rajiv, thanks for your analysis. But I had posted in other threads as well about proper stops for longs in Natural Gas as well as stop for Crude shorts? Your insight would be very helpful.
Thanks and looking forward to your post.
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