MCX gold inches up to a new all time high of Rs23420 . Trading sentiments turned extremely bullish after gold climbed towards a record in New York as concern that global economic growth may be slowing, spurred demand for wealth protection. Hourly charts of SDA2 trend trading charts are shown with buy signal holding on the hourly charts since 29th July 2011. Stochastic the leading indicator is currently above the overbought zone(Greater than 80).
Gold prices were hitting record highs Tuesday as the Bank of Korea announced it bought gold for the first time since 1998, reminding investors of gold’s large safe haven appeal as global economies slow.
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