Gold Prices May Witness Selling Pressure
CommodityOnline | Mar 25, 2014 02:53AM ET
Gold prices witnessed heavy selling pressure due to profit booking last week and showed up its largest weekly slide in three months after the counter breached its very strong support level of Rs. 29900/10 gms and marked weekly close below the levels. In the international market too, prices tumbled and closed with the loss of more than 3.25% after rising for six consecutive weeks earlier.
With last week’s lower levels, prices has just touched 38.2% retracement level of a rise from Rs. 28075/10 gms to 30737/10 gms on the weekly charts, still the counter has more downside potential and the coming week might face some more selling pressure. For the next week prices migh slip to a level of Rs. 29500/10 gms, if selling pressure still persist after that then prices could reach to the lower levels of Rs. 29100/10 gms.
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