Gold: Gold has been in the uptrend in the past few trading session where it has moved from 1604$ support and yesterday tested the higher level of 1803$ and after testing the higher level closing was seen negative at 1785 where the days low was posted at 1777$. Today after flat opening at 1785 taking support at 1780 level is trading at 1791 $ still in the range of 1798 $ resistance and support of 1777$ and either side move will confirm the further trend in market. On higher side immediate resistance is seen at 1805 where it has previously reverted and is showing the formation of Double Top around this level, where if sustain trading is seen below 1780 will move to test 1755 support immediately till the time this resistance level is holding. On lower side it is expected to move further down if support of 1750 is broken and will test the lower support of 1740 to 1720$ and further below 1720$ support will bring to 1700 - 1660 support level in medium term. Stochastic are trading in overbought zone where there is not further room for upside where short dip is expected and need to trade below 80% zone for confirmation of down trend.
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