Gold can rally further if it breaks Rs 28,400: Rajesh V

Commentary

oi-Shoaib MD

By Rajesh V

Published: Wednesday, September 14, 2011, 9:46 [IST]

Rajesh V has recommended the following trade action that can be set by a commodity trader.

Gold – Oct:

Gold will find that Rs 27,900 levels has given good support in close base; gold looks good in coming days. Break above yesterday"s high of Rs (28,304) & Rs 28,400 will give fresh rally for gold.

To set trading on September 14 – gold has immediate resistance at 28,370 levels, above Rs 28,370 it may test Rs 28,460 levels.

Silver – Dec:

Silver has range bound between Rs 66,400 & 64,000; yesterday it has taken support at bottom level at Rs 64,450 and went up.

On September 14 – it has immediate resistance at Rs 65,900 levels above this it will test Rs 66,300; overall it looks positive.

Copper – Nov:

The Rs 414 will remain strong support for copper but it has to close above Rs 423 for further rally.

To set trading targets - if it opens above Rs 421.10 will be positive sign for copper;

Supports – Rs 418.60 / 417.60/ 416
Resistances – Rs 421.10/ 422.65 / 425.20

Rajesh V. Ravanappan is a practitioner of technical analysis. He has eight years of experience in broking industry. He is a contributing writer for www.goodreturns.in. You can contact him at rajeshvravanappan (at) gmail (dot) com

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