GOLD FUTURE TECHNICAL OUTLOOK for march 2012:
gold on last session we seen strong selling rally.around 4% downside in intraday.on chart we expect that this weakness remain to be continues.on downside first support to watch is 1680-1685.if that is taken out on closing basis then we see this downside rally will continue upto $1620 and then $1526.MACD making lower tops and going towards 0,RSI also showing upcoming weakness signs.for new short $1750 is good level to enter with target at support given above.above 1750,$1775-1796 is strong resistance zone,it is not easy to break that if happens go long on gold with stoploss of $1750 and for targets $1880-1950 in march 2012.we are bearish on gold for 2012 with ultimate target of 1350-1400 at year end.
No comments:
Post a Comment