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.
About Kotak Commodities
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/