ZOID RESEARCH 31-MAR-2014 : GOLD

MCX Gold June as seen in the weekly chart above has opened the week at 29,088 levels with gap down opening and during this week prices made a high of 29,141 levels and as expected price corrected sharply 4.01% lower from these levels. At the same time prices touched the low of 28,024 levels and finally closed at 28,123 levels. As per the candlestick pattern during this week prices has formed a big bearish candlestick which indicates further bearishness. In the week prices had breached the last 9 week’s low and finally closed below 28,200 levels.

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