Tuesday, October 13, 2009

Gold on Dhanteras

Dhanteras is the thirteenth day in the lunar calender, two days before the New Moon (Amavasya) in the month of Ashwin. The day comes two days before Diwali which ends the month of Ashwin and starts the month of Kartik. "Dhan" means wealth, the day of Dhanteras is celebrated by the worship of wealth, often accompanied by buying gold / silver.


So, I was looking at the charts for Gold. The rally in Gold seems linked with the decline in the Dollar - Rupee prices. So far, the Gold Price has not broken into new highs (in Indian Currency). But, a consolidation suggests that we may be heading up. In terms of Gold Futures, buying is suggested on a breakout from consolidation around 15900. I am giving the weekly chart for INR-USD and Gold. Have a look. Comments are welcome.



5 comments:

Lalit said...

sir ur view on McLeod Russel which has fallen down by 25 odd Rs inspite of market moving up significantly.

sunny said...

hmmm, india waill take 100 yrs to become china competitor in real manners, becoz the minds of so called educated ppl r stuck sky high in movement of planets, not in astronomy but in astrology , pathetic

NITIN DAMLE said...

Gold has certainly broke out above 15900/- One can buy with S/L 15850 Rupee is also over bought if correction in Rupee starts along with rally in gold in international market,I think gold will go up to 16500/-Gold will not decline upto when interest rates in America ticks up.
Nitin Damle

AnandSachs said...

Dear Sir

Diagonal triangle pattern/ wedge formation is very clear. And then trendline (of the trend started in March)has broken multiple times in sensex and now the price action is hugging the trendline. Please let me know if I am correct about my observation and suggest accordingly about the trading strategy. And the current indices PE levels were observed in 2000 and late 2007 and both times markets crashed.

If I draw a trendline on weekly charts from the bar dated 5/4/2003, then I do see a break in the trend started way back in 2003. This trend seem to have broken in October 2008. Other possibility which looks is..this current rally was wave B of the larger degree corrective wave...Sir do you see this kinda scenario? And when I check Elliot Wave International opinion they still seem highly confident of depressionary times ahead.

Please give your opinion

amitkbaid1008 said...

Sir,

DHANTERAS is the 13th day of KARTIK and not ASHWIN. Amavasya is in the mid of the Hindu Months and FULL MOON (POORNIMA) is the last day of month. DIWALI does not mark end of ASHWIN but mark Mid of KARTIK.

Vikrami or all Hindu Samvat starts from First day after Amavasya (PRATIPADA of SHUKL PAKSH) be it KARTIK OR VIKRAMI SAMVAT