Gold: Gold looking at 4 Hrs. reverted after trading above higher trend line testing 1692 and is consolidating in the range of 1670$ and 1685$ range. If sustain trading is seen above 1685 on closing basis will dismissed the pattern formation of Bearish Pennant formation. Today after the side way opening near the level of 1674$ resistance is seen at 1685$ and is trading is seen at 1677$. We continue to maintain bearish view on gold where rise will be a selling opportunity till the time 1680$ is holding on closing basis. On lower side if sustain trading is seen below 1660$ will bring to1625$ support and further below 1625$ will bring to 1610 – 1580 support level. Further we expect the level of 1400 in medium term where at lower level around will be a long term positional buying may emerge. Immediate resistance is seen at 1685$ and till the time this resistance is holding on closing basis some range bound move can be expected, only above 1685$ on closing basis will hamper the bearish outlook where we have been selling from 1890$ levels. Stochastic which are trading near higher zone is trading flat where some correction in price will bring to lower zone with negative intersection where some sharp selling can be seen in prices.
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