Gold: Gold looking at 4 Hrs. chart is just hovering near the higher resistance line where its failing to cross the resistance level of 1690$ on higher side and is taking immediate support of 1650$ on lower side. Some rang bound move can continue for short term and either side trading beyond the said range will confirm further move. If sustain trading is seen above 1685 on closing basis will dismissed Bearish Pennant formation. Today after the side way opening near the level of 1683$ resistance is seen at 1685$ and is trading is seen flat. We continue to maintain bearish view on gold where rise will be a selling opportunity till the time 1690$ is holding on closing basis. On lower side if sustain trading is seen below 1675$ will bring to1650$ support and further below 1650$ will bring to 1610 – 1580 support level. Stochastic has entered in overbought zone with positive intersection which indicates some range bound move is expected till the time higher resistance is not taken over, where only below the support of 1650 will give short correction.
No comments:
Post a Comment