GOLD (12641)
Yesterday, USA officially admitted that they have gone into recession, this follows last month, Japan's admitting that they were in recession.
What followed was a sharp sell off in GOLD which plunged down to $760 before rising a bit.Gold has support at $755-760 below which it has a strong possibility of touching $580 and thereafter $500 in the coming months. Unless it crosses $860 on the upside.In India accordingly the correction can be much more steeper as a recession in USA means a weaker US$ thereby escalating the fall here. In INR terms it should come down to minimum 10350 and thereafter depending on the extent Rupee gains against US$, up to 8500.Those who are planning to buy GOLD as an Investment or Marriage purpose in the family, should wait for these levels to come in the near future.
Yesterday, USA officially admitted that they have gone into recession, this follows last month, Japan's admitting that they were in recession.
What followed was a sharp sell off in GOLD which plunged down to $760 before rising a bit.Gold has support at $755-760 below which it has a strong possibility of touching $580 and thereafter $500 in the coming months. Unless it crosses $860 on the upside.In India accordingly the correction can be much more steeper as a recession in USA means a weaker US$ thereby escalating the fall here. In INR terms it should come down to minimum 10350 and thereafter depending on the extent Rupee gains against US$, up to 8500.Those who are planning to buy GOLD as an Investment or Marriage purpose in the family, should wait for these levels to come in the near future.
