Gold Trading strategy for the week: Technical’s explained in brief
CapitalVia Investment Advisor highlights that Gold briefly rallied throughout the week, but then gave back the gains, forming a shooting star pattern as we sit on top of what should be big support. If it breaks below the previous weekly candlestick's lows, then the gold market has a long way to fall, maybe to $1500 in the next leg. Gold prices rose 0.7% this week, but it remained in a narrow range.
Traders should look forward to Sell-on-rise opportunity from Rs 45200, keeping stop loss of around previous resistance level of Rs 45650, for aiming target of Rs 44635: Reuters