Gold market to remain rangebound..........

With the strong bullish and positive sentiment, Gold started its day on the strong note. While everyone was eyeing the 1000 mark in the Dollar, we saw sudden selling emerging in the evening session. This led to the wiping of most of its gains and created huge volatility. In the market terms it came out as a profit taking at the higher levels. A look at the chart tells us that Gold prices are near the resistance region around 15820-16000. A decisive move above it will only push in prices into newer horizon. With the momentum indicators in the overbought zones, we may see some round of consolidations before moving higher. Hence avoid chasing the trends and look into buying into declines.