Gold Short Term Bearish, Tgt 26700/26490
CommodityOnline | Sep 12, 2014 06:48AM ET
The medium-term price trend still looks bearish and the downside move is now likely to extend further towards the previous low at Rs.26700/26490 level.
As per our previous recommendation dated 03rd September 2014 of going Short on MCX Gold , our first target of Rs 27023 has achieved. Hence, in our view, profits on Short positions (as per our previous recommendation) should be booked at the current levels and fresh Short positions should be initiated on rise.
The medium-term price trend still looks bearish and the downside move is now likely to extend further towards the previous low at Rs.26700/26490 level. The 14-period RSI is above the support line and continues to tread lower indicating bearish momentum over 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.