Tuesday, 17 December 2013
MCX Trading Tips -Gold Increasing with an Inch Today
Gold hiked up with an inch for a third session on Tuesday supported by a short-covering rally, even as investors remained on edge ahead of a policy decision from the Federal Reserve on its bullion-friendly stimulus measures.
Investors are dumping gold-backed exchange-traded products at the fastest pace since the securities were created a decade ago, mirroring the steepest price drop in 32 years.
Gold has lost over a quarter of its value this year after a 12-year bull market on fears that the Fed will scale back its $85 billion monthly bond purchases on the back of a strong economy.
Technical View of Gold
Trend: Consolidate | Strategy: Buy on dips
R1- 29270, R2- 29750| S1-28660, S2- 28250
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