Gold May Gains, Support At 27020: Kedia
CommodityOnline | Oct 21, 2014 04:20AM ET
The week started off with a three daily gains, as the US Dollar continued to under perform compared with the previous weeks.
Gold last week extended its advance to two straight weeks by climbed, after a five consecutive weekly losses. The week started off with a three daily gains, as the US Dollar continued to under perform compared with the previous weeks. Moreover, the concerns of the global economic growth slow-down fueled demand for a haven asset. Also Physical demand in India will also be keenly watched as the country celebrates the festival of Dhanteras and Diwali this week - key periods for gold purchases. Technically on MCX gold is getting support at 27020 and below same could see a test of 26720 levels, and resistance is now likely to be seen at 27520, a move above could see prices testing 27860.
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