Gold
Chart Take
Short term indicators are in oversold mode indicating a possible pullback to resistance level for gold.
17000 remains resistance zone for gold. 16600 is chart support area.
Fibonacci Levels
16950, and 17030 are weekly resistance levels as per fibonacci expansion.
Trading with volumes above 17080 gold will move to 17190, 17250, 17400.
Strong support exists at 16720 fibonacci confluence zone.
Gold should not break and trade below 16600 zone. In such a scenario, a decline to 16450 and 16300 would be inevitable.
Indian stock Market Weekly Outlook :
http://jerrytechnicals.blogspot.com/2010/01/weekly-outlook-for-indian-stock-market.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.
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