AHMEDABAD (Commodity Online): Gold Opened lower by Rs 1100 per 1KG on speculative selling by traders this morning. Trading in Gold during morning session was thin with price staying in narrow range.

“Technically, range for Gold is from 14100 to 18300,” said Anil Patadia, Commodity Analyst with Commodity Online.

Gold has decreased by 8.5% approximately since 3rd December, 2009 as dollar strengthens. 14 days RSI is at 52.13 and it is likely to decrease.

“Fundamentally, Gold is strong as it is reliable commodity globally. In short term some correction in Gold might be seen as recession is disappearing and dollar is being stronger. Thus investment may diversify from Gold for short term. But over all Gold will never lose its shine,” said Patadia.

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