Gold Likely To Upside The Break-Out Level
CommodityOnline | Jul 30, 2014 08:14AM ET
As one can see from the adjacent chart, MCX gold is trading in a triangular pattern on the four-hour chart. A narrow Bollinger Band indicates a risky view on the yellow metal. On breaking out in either direction the commodity could give a move of Rs300 to Rs500.
On the upside the break-out level is Rs28,100 while on the down side the break-down level is Rs27,600 (a parabolic SAR is atRs27,615, below the current market price). The other technical observations are: the Relative Strength Index is valued at 46, the Positive Directional Momentum Indicator is valued at 26, the Negative Directional Momentum Indicator is valued at (19) and the Moving Average Convergence and Divergence is valued at (8).
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