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Gold Analysis For Next Week (25-Oct-2010)

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We have seen new lifetime high in gold due to appreciation in US Dollar. But Profit booking brought the precious metal Gold down last week, now Gold after correcting to 1315 levels we see Gold as good opportunity to buy at these levels. As per our analysis Gold will see good support around 1308 levels and resistance will be at 1341 / 1357.

Gold Chart for 25-Oct-2010

Our Preference: Buy Gold near 1316 for Target: 1341 / 1357, Stop loss should be placed at 1297. As on 4 Hour chart we see Gold approaching its support, so a rebound should be possible soon.

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About Bhaveek Patel

Bhaveek Patel is one of the most successful traders, technical analyst, and investor, his areas of interest include stock market, forex, and gold trading. Apart from this, he is often seen in the golf course. He is having more than 10 years of experience in trading, had placed his first order on 19 June 2006 with IndiaInfoline.

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