Will Gold lose its LUST???

21-Dec-2009

UPDATE : GOLD MADE HIGH – 17104 ON 11-JAN-2010

Gold – the metal which has been valued since the early times, has been a metal of pride with many uses and has been used for Ornaments, Medicine, Storage, Exchange and many more.. Almost all of us have have possessed gold in some or the form. Even in early times gold has been used as a currency, a store of value and exchange purpose.

MCX Metal Tips

Recently we have seen a huge spurt in the prices of gold from the levels of 15000 to 18000. This rise has surprised almost everyone. Most of the retail investors and small traders have not been able to make money out these rise and some have even lost money in this spurt beveling that the gold prices have peaked out…?, but all were proved wrong when it made a new high everyday.

Markets are being flooded with rumors of gold touching 13000 and some speculate it to go 22000 in just a few days… . What to do ? Whom to believe??  Where to trade – Long or Short ??

On the charts the yellow Metal (Gold) ( CMP : USD 1104) is still looking strong a important support at the levels of USD 1085 in the international markets and Rs.16640 on the MCX Gold February Contract (CMP : Rs.16760) . We advise traders to Go long on dips with the stoplos of 16640 with a view of 10-20 days (NOT AN INTRADAY CALL ), Intraday traders in MCX shall not consider this as a buy call. On the up-side you can see levels of 1128-1176. Once breaks 1177 fresh momentum will be seen on up-side and can move to 1212-1248. On MCX targets of 17350-17540 can be seen with resistance coming at around 17540 above which again fresh buying will take gold to 17900-18400. All indicated levels are on closing basis

BUT, one thing to remember as usual.. ALWAYS FOLLOW STOPLOSS STRICTLY.. On fall below the stoploss level what to do??  (only for Paid Subscribers)

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