Gold gave a sharp move upside on back of China’s Demand, Dollar weakness and Short covering. In Rupee term Gold was up as Rupee was weak sharply and on the news that Finance Minister will make yet another increase in import duty of Gold from 8% to 10% and in Silver from 6% to 10%. All factors are signaling a sharp bull run in gold. What are we really concern for bullish view are, First it should have strength to break $1350 and sustain above it and secondly if Indian government effort to appreciate Rupee really works then we shall really see a sharp fall in Gold in rupee term. Also it may so happen that In INR gold will stay where it is currently as gold in dollar term will rise and INR will appreciate nullifying the effect in Rupee term. Over all don’t short wait for proper entry and if gold crosses 1350 be more bullish.
Posted on: Tue, 13 Aug 2013 05:32:43 +0000
Trending Topics
Recently Viewed Topics
© 2015