Domestic gold edged higher because of a weaker rupee, which made the dollar-quoted yellow metal expensive. N Prasad, chief executive officer of Safetrade Advisors suggested a buy on gold on all dips. "In India, one should buy gold on MCX around Rs 27,500 per 10 grams with a stop loss of Rs 27,375 per 10 grams and a target near Rs 27,900 to 28,000 per 10 grams," he added.
The most-active gold for December delivery on the Multi Commodity Exchange (MCX) was 0.15% higher at Rs 27,631 per 10 grams.
According to him, weekly charts also look good for gold internationally. Last week, gold made a good pattern and made consolidations this week. All corrections are over now and it is well poised to surge today and tomorrow, and close somewhere near USD 1,760 per ounce, he explained.
Moreover, Prasad feels crude chart is bullish inherently. Crude is in the good interim uptrend, but is in a corrective phase after three-four weeks of rally, he mentioned. Prasad doesn
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