Gold................
Gold breached the ascending triangle pattern for August contract. With few days left in August expiry contract to expire, the interest is quickly shifting towards October contract. In October contract, resistance of Rs 27777 per 10 grams was broken as Gold closed at Rs 27872 per 10 grams. The next resistance is at Rs 28300 and 28400 levels. Looking at the open interest generation in this contract it seems that upside targets will be achieved in the contract. The rise of 1.33% yesterday was with very heavy volumes of 11782 kgs, not seen for this contract since initiation.
Source by Commodity Insights
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