Wednesday, January 30, 2013

#1 Gold Update: Short YELLOW metal with tgt of 28400-28600

Before few months i did tweeted with graph tht i may sound foolish but i am expecting levels of below 30000 to 25000 on gold and see ystdy we got a confirmation for tht levels on the chart. In simple technical language we have seen a double top confirmation on GOLD and now we may see minimum of 28400-28600 in next month or 2. Tracking fundamentally we have 2 main reasons to support chart. Firstly, import duty has been hiked which will slow down unnecessary import of the yellow metal and traders who would have booked future imports would sell on. Secondly, equity and agri commodity markets are giving well-off returns compared to precious metal so it wld see speculators leaving bullion market for time being. In all it would be a good buying opportunity who are yet bachelor lol hahahah!!! so traders go short with sl of 30500 while long term investors buy on each dip till 28400-28600

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