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Journalism of Courage
India’s gold futures edged higher to trade near the psychological 14,000-rupee-mark on Wednesday,tracking firm overseas market,but a stronger rupee kept the upside limited,analysts said.
At 11:07 a.m.,COMEX gold for April delivery was 0.78 per cent higher at $899.5 an ounce taking support from higher crude oil.
“Gold may trade lower later in the session on continued profit-taking,” said Harish Galipelli,head of research with Karvy Comtrade in Hyderabad.
The benchmark April contract lost 2.9 per cent in last two trading sessions as on profit-taking after the yellow metal witnessed its contract high of 14,450 rupees per 10 grams last week.
The contract traded 6 rupees higher at 13,995 rupees at 11:30 a.m.
“Gold would dip to 13,800 rupees before resuming its uptrend,” Galipelli added.
“A healthy correction has taken place and it has made the uptrend more safe,” said a technical analyst with a Mumbai-based commodity brokerage.
Buying is recommended at 14,000 rupees,with a target of 14,600 and with a stop loss of 13,800 rupees,added the technical analyst.
Open interest for April gold on MCX was at 18,977 lots,up from 18,772 a day earlier. Volume on Tuesday was 71.41 kgs.
