Market Update

Market Watch

Friday, 24 January 2014

MCX Trading Tips: Gold is trading Higher Today

Gold was trading close its highest in seven weeks on Friday, poised for a fifth straight weekly climb as weaker equities burnished its safe-haven appeal. The five-week rally - a gain of nearly 5 percent - is the metal's longest winning streak since August-September.

Today’s Trend for Gold:
Trend: Consolidate | Strategy: Buy on dips
R1- 29470, R2- 29750 | S1-28950, S2- 28680

After a 28-percent dip in 2013, gold is getting a boost this year from weakness in stock markets, which on Thursday were dented by fears of a slowing economy in China. A mixed bag of U.S. corporate earnings is also hurting shares. 

Gold is seen as an alternative investment to stocks. 
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1 comment:

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