Gold Price Likely To Supporting Bullish Bias: Religare
CommodityOnline | Aug 12, 2014 07:56AM ET
Gold prices closed higher for third consecutive week to breach Rs 28600/10gms on the higher side but failed to sustain above Rs 29000/10gms at MCX. The level of 29100 seems to be a resistance area and the counter needs to close above that for any meaningful upside. The technical indicator MACD is above the center line and is supporting bullish bias.
The level of Rs 28000/10gms may act as support to the pair and in case the counter breaks and sustains below Rs 28000/10gms then bears will pave the way for lower levels of Rs 27500/10gms. The strategy for the week will be to buy on de-clines around Rs 28000/10gms keeping a stop loss below Rs 27500/10gms for targets of Rs 29200/10gms.
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