GOLD: (Feb 2012)
Gold February as seen in the weekly chart, found resistance at 29433, fell sharply lower towards 29000, and finally closed lower.
For this week expect MCX gold resistance at 29300-29400. If it would not gain in this week, one can sell the gold at that level. If it goes above 29450, then 29650-29800 also can also be expected from the counter. However, safe haven buying to continue on euro zone fears.
Support is now observed at 28980. One can buy around the level and if it cannot maintain level, further below strong support is seen at 28470. Trading consistently below 28500 could trigger a sharp correction initially towards 28250-28150.
Trend Decider of this week: 29159
Today: As long as below 28300, sell-on-rise strategy... More trading level for paid subscribers.... Our target 25000+ for patient investors/traders. But do not try to buy at lower level... And avoid bottom-finishing. Time being forgot about 30000 targets.