10/06/2010 06:26:00 PM
Your Advisor
Gold prices have been trading positively since making an important low of Rs. 17505 in the month of August 2010.Since then, prices have witnessed a sharp rally, rising by almost 11.40 % to currently trade between 19400 –19500 levels. On the above weekly charts, Gold prices are closing above its 10-day, 50-day and 100-Day Exponential Moving Average (EMA).As per the above charts, Channel shows short term bullishness in the market, initial support is likely to find at 19300 and major support is at 18500 level as depicted by the above lower channel line, whereas initial resistance is at20000 and major resistance is at 21150 level . Prices are likely to move up as per the breakout confirmation .
NCDEX Jeera for the November delivery slumped Rs 183 or 1.36 percent to the session low of Rs 13271 per 100 kg and the counter is currently trading at Rs 13335 level. The open interest in the contract added two percent to 12,657 tonnes from 12,405 tonnes, indicating short selling. Volume traded as of now stood at 4,509 tonnes.
