Saturday, 23 November 2013

Weekly Gold Outlook

The MCX Gold December futures have been trading in a fairly narrow band around Rs 29,500-30,500 odd levels.

Key momentum oscillators - like the 14-day RSI and the daily Stochastic Slow have given a negative divergence. Hence, the possibility of a downside breakout seems higher currently.

A break and close below Rs 29,600-odd levels, can trigger a faster slide to Rs 28,500-odd levels - 200-DMA (Daily Moving Average).

Click Here for the weekly support and resistance levels.

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