Everyone is running after Gold as its the best bet when th eequity markets are down and the best asset class that can beat inflation.
Just because Gold is going one way,its not right to say that now gold will be 50000.one needs to have a base for this.Technically speaking if one observes,Gold is moving in a flat range since last few days.As far as Gold stays above 27095 its good to be invested in gold.If the level is braeched downsde than gold can come down till the level of 25000.
Still,I maintain that the upward rally is expected and Gold can touch the levels of 29430,if it crosses 28100.This is a mediumterm view.The 7 days exponential average which was steeply moving up looks flat indicating some selling pressure.
Though on a weekly basis Gold was down -1.39% on MCX,the weekly rising bottoms in Gold show a positive sign.Again,there would be some festive season like Navratri and Diwali coming which will increase the demand for Gold on the domestic front.Again,the current shraddh period,there is no buying in gold which is hampering the demand for gold.This infact is reflected in the charts
Silver on the daily chart is in the formation of ascending Triangle and looks to move up.The friday's close of Silver on MCX was 64629.Silver has a very very STRONG ressistance at 70000.Be watchful.Silver is facing a constant ressistanec at 66064.
Just because Gold is going one way,its not right to say that now gold will be 50000.one needs to have a base for this.Technically speaking if one observes,Gold is moving in a flat range since last few days.As far as Gold stays above 27095 its good to be invested in gold.If the level is braeched downsde than gold can come down till the level of 25000.
Still,I maintain that the upward rally is expected and Gold can touch the levels of 29430,if it crosses 28100.This is a mediumterm view.The 7 days exponential average which was steeply moving up looks flat indicating some selling pressure.
Though on a weekly basis Gold was down -1.39% on MCX,the weekly rising bottoms in Gold show a positive sign.Again,there would be some festive season like Navratri and Diwali coming which will increase the demand for Gold on the domestic front.Again,the current shraddh period,there is no buying in gold which is hampering the demand for gold.This infact is reflected in the charts
Silver on the daily chart is in the formation of ascending Triangle and looks to move up.The friday's close of Silver on MCX was 64629.Silver has a very very STRONG ressistance at 70000.Be watchful.Silver is facing a constant ressistanec at 66064.
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