As writen on this blog when Gold was at 16000 (MCX), Gold achieved the target of 18200 last week.
As the rise from 16000 has been vertical in nature, we expect gold to trade in a consoldation range of
17000 to 19000 for a few weeks before plotting the next moves.
Chart Take
Short term indicators on daily chart are showing negative divergence.
Chart support exists at 17500 and 17260.
Last week high of 18300 should offer stiff resistance
Fibonacci
Fibonacci supports for this week are placed at 17455 and 17255.
Fibonacci resistances are placed at 18400 and 18735 for this week.
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.
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