Technical Analysis of Indian Equities by Nooresh

Gold – We warned at 1800-1900 $. Bottom Fishing can be done now.

Gold

 

Gold Technical View :

Look for some bottom fishing at current levels of 1570 and 25600( MCX next month ) or buy Gold ETFs be ready to see another 2% cut in bad conditions.

 

We expect a good bounce of 5-7% from current levels. Stoploss 1520 $. Can move to 1610/1650.

 

WE HAD WARNED ABOUT A 15-20% correction IN GOLD PRICE AROUND 10 days and can see 1600 dollars and the current move in gold is similar to what happened to Silver from 50 dollars !!!

 

Check the link below

 

http://www.nooreshtech.co.in/2011/09/gold-possible-top-out-on-long-term-charts.html

 

Regards,

 

Nooresh

Article by Nooresh Merani

Nooresh has written 2569 articles.

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{ 8 comments… add one }
  • kunal September 26, 2011, 13:38

    what about silver nooreshsir?

    Reply
    • nooresh September 26, 2011, 19:04

      Hi kunaal,

      I think silver has also bottomed out and may now bounce back to 32

      Reply
  • bhanu September 26, 2011, 13:42

    hi Nooresh,

    you are again spot on, quick question, can i buy Apollo Hospital now?

    Reply
    • nooresh September 26, 2011, 19:03

      bhanu,

      yes as a defensive

      Reply
  • Jaya September 27, 2011, 14:30

    Hi Nooresh,
    so with Gold today (27 sep 11) at USD 1663 and silver at USD 32.17, what is your advice? Should we buy at this price and for what price expectation.

    Please revert.
    thanks.

    Reply
    • nooresh September 27, 2011, 23:55

      Hi Jaya,

      the trade is done right now looking for short opportunities

      Reply
  • jasvinder September 27, 2011, 23:27

    sir,now gold near 1650$ as u sail i shorted near 1680$ ,whr shd is best to cover shorts

    Reply
    • nooresh September 27, 2011, 23:55

      Cover around 1645/1620 keep stoploss of 1685 now.

      Reply

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