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Gold Hedge: Pessimism And More Potential For Downside!

ByCommodityOnline
Published 05/02/2014, 07:13 AM
Updated 05/14/2017, 06:45 AM

Gold Hedge

MUMBAI: On the above daily NCDEX Gold Hedge price chart, we have seen that from the inception to till date NCDEX Gold Hedge price are trading in a sideways trend. NCDEX Gold hedge prices had opened the contract at 25,000 levels and in the same time it made a high of 27,200 levels. After making of high of 27,200 levels we have seen that prices are trading in a “Lower Top Lower Bottom formation” which is basically indicating pessimism.

Gold Daily prices are trading below its 5, 20 and 50 Day EMA (Exponential Moving Average), indicating there may be room for more downside.

On oscillator’s front, MACD is in negative zone and 14 Day RSI is also falling which also supports the bear trend. Prices have a strong support at 23,000 levels and below that at 19,500 levels. Resistance is seen at 30,000 levels.

Due to multiple factors indicating bearishness - we are recommending to sell Gold on rallies for a downside target of 23600 levels. However, on a lower side around 23,000 levels appears to be strong support level and price should bounce from these levels. Hence one can initiate a long position at these levels.

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