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Gold Short Term Bearish, Tgt 26700/26490

Published 09/12/2014, 06:48 AM
Updated 05/14/2017, 06:45 AM

The medium-term price trend still looks bearish and the downside move is now likely to extend further towards the previous low at Rs.26700/26490 level.



As per our previous recommendation dated 03rd September 2014 of going Short on MCX Gold , our first target of Rs 27023 has achieved. Hence, in our view, profits on Short positions (as per our previous recommendation) should be booked at the current levels and fresh Short positions should be initiated on rise.

The medium-term price trend still looks bearish and the downside move is now likely to extend further towards the previous low at Rs.26700/26490 level. The 14-period RSI is above the support line and continues to tread lower indicating bearish momentum over the medium term.

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