Gold likely to cross USD 1000 mark

Gold prices in international market are expected to cross the USD 1000 mark this week according to Sharekhan.

Gold moved lower in the initial part of the previous week, but the bulls picked up activity mid-week, taking prices higher above our reversal point of USD 967 and closed the week at USD 979. With this, Gold has made four consecutive weekly gains and the bulls seem to be in complete control of the market. It has moved higher above the 78.6% retracement level of the fall from USD 1005 -USD 864, as per the latest report published by Sharekhan Commodities.

After two consecutive monthly losses, the yellow metal bucked the trend by gaining nearly 10% in the previous month. The weekly KST (momentum indicator) has triggered a buy crossover of the moving average and is trading above the zero line. The daily KST too is trading with a positive bias.

Going forward, Gold is expected to face stiff resistance at USD 998 (falling trend line from USD 1030) and if it manages to cross above, it will test USD 1030 later. Analysts at Sharekhan Commodities are modifying bias to cautiously bullish at these levels with a target of USD 1030 with a reversal below USD 933 (multiple swing supports).

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