On 28 jun we have mentioned that if GOLD gives weekly close below 25000, then it will head towards 20000 or even sub 20000 levels. See this link
http://kolhapuritrader.blogspot.in/2013/06/gold-20000-or-sub-20000-level-possible.html
NOW SEE THE BELOW CHART WHAT HAPPENED ACTUALLY ----
As shown in the above chart during week ending on 29/6/13 it breached 25000 level but closed at 25669. That means it taken support around 25000 level and rallied towards 28000 level once again.
Now as shown in the chart above last week it has been closed above the long term trend line ( shown in blue in above chart ). So now if it dont starts trading below last weeks low i.e. 27,552 then it will head towards 30,000 initially and may start moving much higher.
IN SHORT THIS IS HOW TECHNICAL ANALYSIS WORKS. YOU HAVE TO KEEP CHANGING YOUR VIEWS ACCORDING TO PRICE ACTION AND HAVE TO TRADE ACCORDINGLY.
DISCLAIMER: This
Blog is meant for sharing our trading and investment ideas only and no calls to be
taken as trading / investment recommendation. Visitors please do your own
research or consult your advisers for safe trading, investing.
