Last week some small trading range was seen and it made a high of 28107, a low of 27600, and finally managed to close below 28400 as rupee gained strength vis-à-vis the US Dollar and the overseas markets indicated weakness as well. Rupee Dollar trend will also decide the future action of Gold. Overall short-term trend down, at higher level it will face continuous resistance at 28200-28400, successfully crossover with added substantially open interest, trend will change, lower level support to watch out at 27600, thereafter nonstop target of 26600-27000 and more lower level. Before any strong pull back, major panic on the card. So cautious approach at higher level.
Today: Sell-on-rise strategy... At present, some recovery from overselling cannot be ruled out... Higher-level resistance at 28000 to watch out.