Gold Short Term Bearish TGT $ 1200/1183
CommodityOnline | Jun 02, 2014 06:01AM ET
As per our previous recommendation dated 29th May 2014 of going Short on Comex Gold , Price made a low of $ 1240 against Target $1231.
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.1200/1183 level.
The 14-period RSI is above the support line and continues to tread lower indicating bearish momentum over the medium term.
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