Gold on Dhanteras.

Dhanteras is the thirteenth day in the lunar calendar, two days before the New Moon (Amavasya) in the month of Ashwin. The day comes two days before Diwali which ends the month of Ashwin and starts the month of Kartik. “Dhan” means wealth, the day of Dhanteras is celebrated by the worship of wealth, often accompanied by buying gold / silver.

So, I was looking at the charts for Gold. The rally in Gold seems linked with the decline in the Dollar – Rupee prices. So far, the Gold Price has not broken into new highs (in Indian Currency). But, a consolidation suggests that we may be heading up. In terms of Gold Futures, buying is suggested on a breakout from consolidation around 15900. I am giving the weekly chart for INR-USD and Gold. Have a look. Comments are welcome.