Thursday, November 15, 2012

Gold movement after Diwali – festive season!


By Waves Strategy -
“It is general belief that Gold rallies before Diwali on increase in demand for precious metal.”
If this would have been always true making money for Gold traders would have been a cake walk. However, India alone is not responsible for movement of bullion prices and it is therefore imperative to monitor Gold price movement in world markets. The Commodity Waves report gives view both Comex (international) Gold and MCX (domestic) Gold.
Comex Gold (chart shown in daily report), since last two trading sessions prices had done nothing but consolidated sideways between the stiff range of 1715-1740 levels. Till now prices have retraced 50% of the previous down move from 1790 to 1670 levels. In near term, move below ………. while move above ………will resume the uptrend…
As shown above in daily chart of MCX Gold, in the first week of November 2012 prices have formed bottom near 30400 levels and rallied sharply till 31935 levels. Prices have exactly retraced 61.8% of the prior wave …… and it has tested the lower end of the blue channel (shown in 60 mins chart of Commodity waves report for paid subscribers).
Momentum indicator RSI has relived the overbought positions and arrived near the support of 30. Depreciation of Rupee against US Dollars limited the downside of MCX Gold and supported the current uptrend. Altogether indicates ……………
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