Wednesday, 26 March 2014

Gold Technical Comment For 27th March

MCX Gold prices have come in bearish grip after the last session trades that corrected priced to Rs 28380 per 10 grams. The prices have broken the double bottom support formed at Rs 28606 per 10 grams. MCX Gold contract closed at Rs 28571 per 10 grams. Every rise towards Rs 28680-28800 levels is expected to get sold in Gold now. The break of double bottom formation is bearish for Gold as the next target will be Rs somewhere close to Rs 27100 per 10 grams. The oversold position as depicted by RSI at 16 is a sign that choppy moves in the intraday may occur in Gold but the rise will bring more shorts in the commodity.
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