INSUBCONTINENT EXCLUSIVE:
Technical indicators show the ongoing rally in gold is likely to continue in the near term
That could be a good reason for you to consider adding some yellow metal to your portfolio this Akshay Tritiya.
Weekly gold price charts
show a bullish Ascending Triangle formation
Momentum indicator Moving Average Convergence Divergence or MACD has reflected a positive crossover with a fresh buy signal even as it
traded above the signal line, which is a bullish signal.
Gold is inversely related to the US dollar
The metal is trading around $1,340 in global markets.
Even as gold consolidates in a range, OBV or on balance volume has already started
rising, which indicates more buy volume than sell volume
gold prices are in a medium-term uptrend for last four months
They have jumped nearly 9 per cent to Rs 31,058 per 10 gm as of April 17 from Rs 28,421 on December 13 last year.
Best buying opportunity in
Trading Advisory, Chartview India.
As this metal is moving in an Ascending Channel for last 16 months, such a breakout shall throw up a
lucrative target of around Rs 34,500 over time
A more realistic target for the near term would be Rs 32,455
Till such a breakout occurs, this metal is likely to move in the Rs 31,562-30,900 range, whereas short-term selling pressure can be expected
on a close below Rs 30,850 level, he said.
