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MCX Gold Short Term Bearish

Posted by : Karan Hakim on | Feb 16,2015

MCX Gold prices are trading in a primary downtrend. Recently prices have given break out of Descending triangle pattern at Rs.27000. After breakout prices made a high of Rs 28271 and retraced back to trend line R, we expect prices will take support of trend line R and consolidate. We expect Gold prices to breach the support line (R) for short term and hence we recommend to go Short on rise till Rs.27200 for the target of Rs.26230/25900.                              


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 Kotak Commodities is promoted by the Kotak family that has decades of experience in commodity trading, they have a full-fledged research division involved in macro & commodity complex research and commodity specific research. This is combined with a strong and well networked sales force, which helps deliver current and up-to-date market information and news. For more information visit their website.http://www.kotakcommodities.com/