Gold Medium Term Bullish, Target At Rs.29500
CommodityOnline | May 05, 2014 06:32AM ET
MCX Gold price on the weekly chart as shown above has taken multiple support at Rs. 28300 level. Also, since the last few weeks prices have been trading in the range of Rs 28900 on the upside and Rs.28300 on the downside. However, last week on Friday’s session price bounce from its low and closed near its daily as well as weekly high. This indicates that a break of the range is more likely possible and prices are now set to move higher. We expect prices to move higher towards Rs. 29500 level, testing immediate resistance line R
The 14-period RSI is also trading above the 50 mark and pointing upwards indicating positive momentum for the price.
Hence we recommend to go long on the commodity for the target of Rs.29500 in the medium term.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.