Business Daily from THE HINDU group of publications
Monday, Mar 03, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Monday, Mar 03, 2008 ePaper | Mobile/PDA Version |
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Agri-Biz & Commodities
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Technical Analysis Industry & Economy - Gold & Silver Gold may test resistance levels 
Comex gold futures ended higher on Friday after hefty gains during the week. Immediate resistance is at $985 followed by a crucial resistance point at $1,031. As we have been maintaining, going further into 2008 and beyond, we believe there could be a potential for a rise towards $1,200 per troy ounce. Supports are at $967 followed by $953. As long as support at $931 holds, our favoured view expects a test of $1,031. We believe that the third wave could have ended at $732 and the fourth wave consolidation at $665, and the fifth wave in progress. There are still no signs of the end of fifth wave. RSI is in the overbought zone now indicating that a possible correction is in the offing. A negative divergence has been negated, which is normally a very bullish sign. The averages in MACD are still above the zero line of the indicator suggesting bullishness to be intact. Only a cross-over below the zero line will indicate bearishness. Therefore, expect gold to test the resistance levels. Supports are at $967, 953 & 931. Resistances are at $985, 992 & 1031. Gnanasekar T. (The author is the Director of Commtrendz Research and also in the advisory panel of Multi Commodity Exchange of India Ltd(MCX). The views expressed in this column are his own and not that of MCX. This analysis is based on the historical price movements and there is risk of loss in trading. He can be reached at gnanasekar_thiagarajan@yahoo.com.) More Stories on : Technical Analysis | Gold & Silver
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