22 March 2016


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Gold : Gold fell on Monday for a third day, with demand for bullion hurt as the dollar arrested three weeks of declines after hawkish comments from U.S. Federal Reserve officials renewed expectations of U.S. interest rate hikes. The metal has risen nearly 17 percent this year on fading expectations for rate hikes. It rallied on Wednesday after Fed policymakers revised down the number of times they expect to raise interest rates this year to two from four, but it failed to revisit the previous week's 13-month high, and it slid as the dollar rebounded. Analysts said the Easter holidays at the end of the week will cost gold some momentum. Market indicators are signaling that investors see stronger risks of inflation, which has been almost non-existent since the credit crisis, despite scepticism from the Fed.
The above is hourly chart of Gold. It suggests that prices are prices are making lower highs and lows. It has immediate support at 28820 levels. If this holds then some bounce back can be expected till 29200 levels.
Call: sell around 29200 levels with a stop loss placed below 29400 levels for target of 29000 levels.

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