WWW.MTECHTIPS WEEKLY OUT LOOK
http://www.mtechtips.com/PageView.aspx?rId=NC
MCX GOLD...A long white candle stick witnessed and settlement of prices above short and medium term moving averages indicating bullishness current bullishness to be continued in the market. As per the Fibonacci retracement principle, prices failed to sustain below 26415 which is 28.2% natural retracement of the range 22200-29002 and for this week it settled above 27410 which is 23.6% retracement of the given range. This is an indication that the trend may remain strong for the coming week also. Crucial support is at 27100 (previous swing). For the coming week we expect gold prices to remain higher and recommend buying at 27150-27200 targeting 28000 / 28120 with stop loss below 26750.
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