As students of technical analysis, we need to surely learn from this move- The down target of the H&S formation was not achieved fully and the prices reversed again.
It seems that GOLD is set to remain positive and in coming few weeks we should not be surprised if the previous high of $1225 is tested.
Overall major support is now at $1100 and until that , traders may use down moves to buy more in to this yellow metal.
Well, It seems that precious metals are again in demand! Those who are holding physical gold are surely smiling wide (especially the ladies). . .
Happy gold rush!
CA RAJIV D KHATLAWALA
www.investogyan.com
2 comments:
Rajiv, in your earlier posts, you had suggested a corrective rise in USD. If the USD rises, the Gold internationally should correct/weaken and then prices of bullion in domestic markets should rise. So, what should we do in this case?
You may note that I had indicated that a corrective rise in USDINR is expected. This would obviously push up the price of Gold in domestic mkt.
Thus it will have a positive impact for MCX gold.
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