Gold Short Term Bullish, Support 28075
CommodityOnline | Feb 11, 2014 05:55AM ET
MCX Gold has been in an flat trend since the past four months forming lower tops and flat bottoms within the channel (R1-S1). The price has recently taken support from the short term support line (S1) at Rs.28075 and closed above the same, further the price gave a sharp pullback and currently heading towards the previous top (T) of Rs 29849. Hence the medium term trend continues to look bullish for Gold and a test of Previous top at Rs.29849 (T) level looks possible.
The 14-period RSI is flat above the support line and is currently pointing higher which indicates bullish momentum. Until price closes below trend line (S1 ) at Rs.28075, Buying on dips is advisable.
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