GOLD

Gold: Gold which has crossed the higher resistance level of 1700 is trading in range bounced at higher level where it notable to cross the higher resistance level of 1750 and immediate resistance is seen at 1730$. If we look at near term chart its forming Head & Shoulder Pattern Formation and is just forming right Shoulder where Neck Line is coming at 1700$ level. Today after opening was seen at 1710$ is trading at 1718$ level just near the support level of 1705$ where if sustain trading below 1700$ will bring back in the trading range where lower side support is seen at 1610$. On lower side immediate support is seen at 1705 ad if sustain trading is seen below 1700$ will bring to 1680 and 1660 level where as on higher side 1720$ is resistance and crossover above 1720$ will bring to 1740 level. On lower side it is expected to test the lower support of 1644 to 1640$ and further below 1640$ support will bring to 1620 - 1600 support level. Stochastic which were trading in overbought zone has drifted below 80% zone and is trading at 75% where some side way move is expected.