Gold: The Life Of A Great Warrior!!
CommodityOnline | Jul 25, 2013 02:32AM ET
"Nobody really understands gold prices and I don't pretend to understand them either," Federal Reserve chief Ben Bernanke said. But the reality is that, gold is always a warrior, a warrior who fights even on the verge of a defeat.
On COMEX, gold was struggling around $1,179 levels and was facing a sell off to $1,000 levels. But the story was different...
After falling to 1,179 levels, the commodity gained strength and rallied to $1,350 levels. Ben Bernanke, dollar and China was only the sub actors in the story.
U.S gold may witness strong support at 1,338 and 1,330 levels and resistance is observed with 1,350 & 1,360. The rally from oversold to overbought can be simply explained by a word “Excellent”.
Gold prices at India’s MCX are trading with a steady rally around 27,500-27,700 levels. The commodity has failed at 27,716 levels and retreated to 27,500 levels. It witnessed slight sell off at these levels.
Gold is following a triangle pattern, breaking these levels may witness steady rally around 27,500-28,000 levels or it may rally towards 28,300 levels. Traders are advised to stay on sideline and observe short term variation in gold.
On charts, gold is showing positive picture. MACD is optimistic and P-ROC (Rate of Change) is at bullish territory. RSI is positive.
Short selling at 27,800 levels may witness slight downtrend in the near term. The overall trend remains bullish for MCX gold.
MCX, COMEX gold August short term: Bullish
Support: 27350, 27275
Resistance: 27800, 28000
Turn around levels: 27350-27800-28000
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