Gold has hit all-time high in Indian and international markets. After the making record high $ 1923 on Comex and Rs. 29000 on Mcx Gold has tumbled sharply. Now the question is Gold buy or sells on these levels. Take a look on the daily chart; Gold is trading around $1635 near the 100 day’s moving average and has a strong support at $1575. The 200 day’s moving average is on $1535 levels, which is the another strong support for gold. Considering the Gold’s hourly charts, it has the resistance on $1675 level. Euro again turns lower against Dollar after the Fitch has downgraded Italy and Spain’s ratings last night. Moody may doungrade Belgium’s local and foreign currency bonds. It may direct hit Gold prices. December future of gold were trading around 26280 on Mcx late night. Which has the resistance on 26900 and support is on 25900 levels. Gold may remain range bound between $1600 to $1675 on Comex. Gold may short sell for the short-term with strict stop-loss of the Rs 27000 on Mcx.
