A break above $2,100 would give gold a fresh upside target of $2,500-2,550: Laurence Balanco

Laurence Balanco of CLSA, predicts that the S&P is at risk of a retest of its October lows and a break below 3800 would increase the probability of a Nifty break below 16,800. India's market has seen two major periods of multi-month trading ranges before the longer-term uptrend resumes. Gold is projected to test the $2100 area and a break above this would provide a fresh breakout target of $2,500 to $2,550. The long-term trend for India's market is positive, but in the immediate future, there may be further underperformance.