Thursday, 15 December 2011

Gold Free Trade Tips

Gold: Gold breached all its support and finally broke 28000, but was unable to close below that. Still some downside is there in this counter, but at the same time bounce back or short covering also cannot be ruled out at current scenario.
For this week expect Gold resistance at 29300-29400. If it would not gain in this week, one can sell the gold at that level. If it goes above 29450, then 29650-29800 can also expected from the counter. However, safe heaven buying to continue on euro zone fears.
Support is now observed at 28980. One can buy around the level and if it does not maintain levels, further below strong support is seen at 28470. Trading consistently below 28500 could trigger a sharp correction initially towards 28250-28150.

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