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Gold (14.03.2013) traded lower in last fortnight & as we mention in last report, we will be waiting for a buying opportunity rather than selling. Here it may be…
Now MCX Gold is trading around 29440 ($1587) & as we can see on charts , this area is not far away from last report levels but due to INR factor we witness a large sell off in mcx. Gold is not taking support from 200% feb correction level of last ascending wave as well as this area represent the parallel support from 6th & 7th month 2012 (not shown in chart). In the deep picture we observed gold made a support area around $1550 now , which looks very strong. Candlestick pattern is turning positive while indicators are neutral now.
Based on above studies, we will prefer to buy gold & prefer to wait for possible targets around 29900 ($1625) & then 30370 ( $1652) area until unless gold is not providing any day close below 28800 ($1540) area.
