Gold Views MCX India

Last week we had written that gold will fall in a straight line to support of 16500.

Link to last week's outlook : http://jerrytechnicals.blogspot.com/2009/12/gold-views-mcx-india_20.html

Gold low last week was 16447 !!!!

Gold

Chart take

Short term indicators have moved into oversold zone. However on the weekly time frame, all the indicators have

moved into sell mode.

Chart support exists at 16000.

Chart resistances are placed at 17000 and 17200.

Fibonacci

Last week's low of 16447 should act as strong support for gold. Breaking and trading below 16447, gold will move to 16050 and 15920.

On the upside fibonacci confluence resistance zones exist at 17070 and 17200. Breaking and trading above the second resistance level,

gold can move to 17500 expansion level.

Indian Stock Market Weekly Outlook :

http://jerrytechnicals.blogspot.com/2009/12/nifty-weekly-outlook_26.html

Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.