Posted by: Babu Suresh | March 9, 2009

Spot-Gold-Analysis-09-Mar-09

Spot-Gold-1H-ChartsSpot-Gold-1H-Chart-09-03-09

This is what I call, a decisive correction or profit booking, irrespective of whats happening with stocks.

My 6th Mar. $909 support is still valid. If $910 holds, I would expect a relief rally up to $925, failing which $897 cannot be avoided. Based on the condition of the key data to be released tomorrow, the 10th Of Mar. from Europe, I would expect some reaction from gold lovers.

Further, none other than the greatest gold lovers from India would love every correction with a great sigh of relief, as they were caught in-between high gold price as well as depreciating Indian Currency, esp. during marriage season.

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