Expect short-term bearish trend in Gold - Bonanza

The Near term range for Gold is seen between $890-$960. Looking forward, Bonanza Commodity Brokers expect short-term bearish trend in gold to continue in the coming days and only sustained rally above $960 could negate weakness from the market.

The Crucial support is at $890 and if prices manage to sustain below $890, then a rally towards $820-$780 could be seen in the market. In domestic market the immediate trading range for gold is seen between Rs14,800-Rs15700. Following international trend, price may likely to trade with bearish tone in near future.

The Crucial support is at Rs 14,800 and if prices manage to sustain below this mark, then gold may enter into medium-term bearish phase and could test Rs13,100 in the weeks to come. In percentage term we may see 5-7% correction in near-term and 15-20% correction in medium term from current level.

Source : Equity Bulls

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