Gold technical analysis - 20 Nov 2008

Hi!

The technical charts show that gold is about to breakout of the range $ 720-760 in which it has been trading from past some time.




MACD convergence along with the price fall gives a clear indication that the price is about to breakout. And if we consider the major resistance line as displayed in the picture, gold should touch $860 at least in next 2-3 weeks.

$ is also strongest in Re terms now trading at 50 which is more beneficial for MCX traders.

Q3 demand of the gold is highest ever according to World Gold Council chairman in his interview on 19 Nov 2008. (Watch Video here)


So here is the trading advise...

Buy MCX 05FEB2009 1 kg lot at 12100 and hold it for a target of 13500
Stoploss can be applied at 11730.

8 August 2008

Sell Nalco August futues. CMP 400 Target 380

12 July 2008

Buy Hindalco July Futures. CMP 155. Target 170.

Buy ACC July Futures. CMP 561. Buy above 561. Target 608.














Sell BHEL July Futures. CMP 1525. Target 1320.

Futures June 08

Date : 15 June 2008
Buy Peninsula Land (June Fut) rec:68 target:75 stoploss:66

Commodities June 08

Date : 15 June 2008
Buy MCX Gold 05AUG2008 rec:12100 target:12600 stoploss:12000
Buy MCX GoldM 05JUL2008 rec:12130 target:12550 stoploss:11950

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Disclaimer

Hi Friends,

All the recommendations given in the blog are my personal views and I can, in no way, be held responsible for the losses or profits suffered by an individual or a firm, by following these recommendations.

Though it is promised that these recommendations are given based on honest and efficient research.