Monday, 31 March 2014

Gold Technical Comment For 1st April

After a sharp 10 day debacle in Gold the prices are trying to recover in the intraday charts on MCX. The session for MCX Gold closed at Rs 28536 per 10 grams, up 0.55%. The close above Rs 28500 is expected to bring some more positives for the contract, with fresh targets of Rs 28900 per 10 grams. Fibonacci retracement is showing the first retracement target for Gold at Rs 28725 per 10 grams. Open interest showed a jump towards 8256 contracts, against 4343 contracts a day before. Fast Stochastics is at 16%, which is indicator of the oversold position.

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