Thursday, 7 April 2011
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MCX: Gold likely to move further higher
Gold June MCX Future settled almost flat at 21166 during yesterday. In daily chart, a Doji candle stick is witnessed suggesting indecisive mode for the day.
However, market closed above the short term trend line (21570-21315) suggesting resumption of bullishness for the day.
Market is trading above short and medium term moving averages is an indication of upside.
In overseas market Gold is trading at 1456.40 (- 2.1) indicating slightly downside opening for the day.
Overall we expect bullishness in the trend and recommend buying for the day.
Gold MCX: Buy June at 21120 TP 21220 SL 21060
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