Gold bulls are hoping the start of the Indian wedding season will
stem the selling faced by the market so far this month, said
options Xpress in a research note.
Prices have fallen as earnings season took a toll on stocks and commodities, and the failure of gold to break $1,800 an ounce triggered a bout of profit-taking.
“There is some hope that the start of the festival season in India may spur physical buying of the metal,” said Rob Kurzatkowski, senior commodity analyst with optionsXpress.
“What effect Indian festivals have on prices remains to be seen, as this is a seasonal factor already priced into the market. Gold is below its 50-day moving average, which is bearish,” he added.
However, the recent selling has left the Relative Strength Index in “oversold territory,” which could trigger some short covering and value buying, they concluded. [Via]
Prices have fallen as earnings season took a toll on stocks and commodities, and the failure of gold to break $1,800 an ounce triggered a bout of profit-taking.
“There is some hope that the start of the festival season in India may spur physical buying of the metal,” said Rob Kurzatkowski, senior commodity analyst with optionsXpress.
“What effect Indian festivals have on prices remains to be seen, as this is a seasonal factor already priced into the market. Gold is below its 50-day moving average, which is bearish,” he added.
However, the recent selling has left the Relative Strength Index in “oversold territory,” which could trigger some short covering and value buying, they concluded. [Via]
About Our Services:
By Profession, We provide trading tips for Commodity, Equity, Stocks and futures. We are the leading brand in providing accurate tips with high accuracy.
Complete Broker Franchise available here. Get registered for free trials for any trade you want. Call us for more details and amazing offers for traders. Join us and become a professional trader.
Mob: 9872444433, Landline: 0161-4413274, 0161-4621433
Complete Broker Franchise available here. Get registered for free trials for any trade you want. Call us for more details and amazing offers for traders. Join us and become a professional trader.
Mob: 9872444433, Landline: 0161-4413274, 0161-4621433
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/base/spot-copper-6m.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/base/spot-nickel-6m.gif)
0 comments: