Gold has again tested the weekly trend line, currently trading on support of trend line. More the time a support is tested, more likely it is to break. This is what seems to be happening in Gold. Prices are testing key support level of $1,182. Breakdown seems imminent with first target at $1,075 levels and potentially much lower. For confirmation or bearish stance, gold prices will have to breach the key
support level of $1,170.
Breakdown is also supported by the negative Moving average Convergence Divergence (MACD). It has given a negative cross over which suggests that prices are like to follow negative trend.
In this situation clients to Sell Gold International BELOW $1,170 for target of $1,075 / $1,015 with stop loss above $1,205 and also clients to Sell MCX Gold October at Rs.18,060 for target of Rs.17,550 / Rs.17,250 with stop loss above Rs.18,270.
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