Tuesday, 1 April 2014

Gold Technical Comment For 2nd April

Gold once again got thrashed in the daily moves as prices molded to the usual set of selling pressure. The prices of MCX Gold closed the trading at Rs 27912 per 10 grams, down Rs 234 per 10 grams. After breaking the double bottom support, the prices have opened the gates for moves towards Rs 27100 per 10 grams in coming weeks. The rally on 28th March and 31st March was probably to garner some trades for bottom fishing. Open interest showed a jump towards 8565 contracts, against 1780 contracts a day before. Fast Stochastics is at 12%, which is indicator of the oversold position.

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  2. After the Gold's technical analysis, Epic Research declared that Gold trading range for the day is 26802-27190.