India Forex`s technical outlook on Gold

Gold is trading at $1594 levels. Gold buying has increased in India, the world's biggest buyer of bullion, as prices are trading at their low levels on account of the removal of excise duty on jewelery. However, depreciating rupee will limit the downside in the gold prices. Support is at 1581 level, whereas strong resistance can be seen near 1618 levels (previous high). Overall look at a range of 1-3 months at 1550-1650 levels. Heading towards our 3 months target of 1550 levels.

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