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Buy Mcx Gold Feb Future On Dips: Fortune Financial

January 4, 2014

PRECIOUS-Gold up 1 pct, extending rally after sharp 2013 losses

Like this story, share it with millions of investors on M3 Buy MCX Gold Feb Future on dips: Fortune Financial MCX Gold Feb futures contract trend is looking sideways on chart, day traders can buy on dips or buy at Rs 28670 for the target price of Rs 29050 & Rs 29250 with a https://plus.google.com/+Theelevationgroup/posts stop loss below Rs 28490, says Fortune Financial Services. Post your opinion here Like this story, share it with millions of investors on M3 Buy MCX Gold Feb Future on dips: Fortune Financial MCX Gold Feb futures contract trend is looking sideways on chart, day traders can buy on dips or buy at Rs 28670 for the target price of Rs 29050 & Rs 29250 with a stop loss below Rs 28490, says Fortune Financial Services. Post your opinion here

Analysts said gold appeared to find support from equities' losses this week after bullion's tumble and the stock market's strong run last year. "Positive bullion prices in reaction to the decline in equities may set the tone for 2014 and reinforce the negative correlation between the two," said James Steel, chief precious metals analyst at HSBC. Spot gold was up 1.1 percent to $1,237.40 an ounce by 2:01 p.m. EST (1901 GMT). Traders also cited short covering for the metal's strength as bullion has rallied more than 4 percent after hitting a six-month low at under $1,200 an ounce on original site Tuesday.

Time to Buy the Hated Gold?

Earlier this week Barron's cited a more fundamental headwind for the miners. They may need to write down the value of assets related to the business of mining gold. That would include any inventory of the metal they may have, the value of the mines they own and the expected value of the gold they hope to pull out of the ground. [Read: How Diversified ETF Portfolios Can Make You Feel Like a Loser ] As gold has gone down, investors have been selling out of their gold positions.

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