Hi All,
With the recent fall in Gold prices (approx 14% in 2013) many of us would be of the openion that one of the most precious asset classes in last decade is loosing its shine and the bull run in the metal is over....
Supports near 25000-24500 - april MCX Gold Contract
With the recent fall in Gold prices (approx 14% in 2013) many of us would be of the openion that one of the most precious asset classes in last decade is loosing its shine and the bull run in the metal is over....
My personal opinion is that, this might be just a correction in Gold, which was surely due after a nice rally from ~ Rs. 10000 in 2007-08 to Rs. 32000 in 2012....
Not disagreeing with the fact that the fall might not be over in Gold at it may go down further, however for long term investors this is a GOLDEN opportunity to Buy GOLD..... (Long term supports near 22000-19000)
For short term traders also, on hourly charts it has been showing a series of +ve divergences, so a short term bounce also is on the cards...
Conservative short term traders can only enter if today's high is surpassed tomorrow.... (divergence Rule)
Conservative short term traders can only enter if today's high is surpassed tomorrow.... (divergence Rule)
Supports near 25000-24500 - april MCX Gold Contract
Hourly chart -
Weekly chart at crucial support near 25000 -
Cheers
Hrishi
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