GOLD IN $ TERM
GOLD CLOSED THE MONTH OF MAY ON 30-5-2014 AT 1246.
Range for the month of May-2014 was:--1315.80---1242.20
SUPPORT:-1230.80 / 1202.30 / 1181.40 / 1179.40 / 1155 / 1084.80 / 1037 / 985.
RESISTANCE:-1268.40 / 1277.40 / 1288 / 1306 / 1316 / 1331.40.
(Figures in bold letters are very important)
Gold is in huge down trend and moved in 73.60 point range in the month of May-2014 and closed the month near the lowest point ,so for the month of June-14 -1242.20 is the support level,if it breaks this level then key support exists at 1202.30 &1179.40 going below 1179.40 it will trigger fresh major downfall and that can take gold below 1000 mark..Going up the range of 1288-1310 is very tough ,it has to stay above 1288 for a reasonable period of time to indicate that it has made the base and can give an up side rally,chances of which are looking very slim.The steady trend is down but it can give short up rally from time to time.
REMARKS:-Long term trend is bearish ,since it has closed the month at the lowest point it may give a short pull back rally .Those who want to take advantage of the pull back rally can go long with a stop loss of 1240.For investor I would suggest avoid investment in gold and for traders instead of trying long call they should try short call at appropriate level with an adequate stop loss because the trend is down and one should always move with the trend.DO NOT TRADE WITHOUT STOP LOSS
GOLD CLOSED THE MONTH OF MAY ON 30-5-2014 AT 1246.
Range for the month of May-2014 was:--1315.80---1242.20
SUPPORT:-1230.80 / 1202.30 / 1181.40 / 1179.40 / 1155 / 1084.80 / 1037 / 985.
RESISTANCE:-1268.40 / 1277.40 / 1288 / 1306 / 1316 / 1331.40.
(Figures in bold letters are very important)
Gold is in huge down trend and moved in 73.60 point range in the month of May-2014 and closed the month near the lowest point ,so for the month of June-14 -1242.20 is the support level,if it breaks this level then key support exists at 1202.30 &1179.40 going below 1179.40 it will trigger fresh major downfall and that can take gold below 1000 mark..Going up the range of 1288-1310 is very tough ,it has to stay above 1288 for a reasonable period of time to indicate that it has made the base and can give an up side rally,chances of which are looking very slim.The steady trend is down but it can give short up rally from time to time.
REMARKS:-Long term trend is bearish ,since it has closed the month at the lowest point it may give a short pull back rally .Those who want to take advantage of the pull back rally can go long with a stop loss of 1240.For investor I would suggest avoid investment in gold and for traders instead of trying long call they should try short call at appropriate level with an adequate stop loss because the trend is down and one should always move with the trend.DO NOT TRADE WITHOUT STOP LOSS
NOTE:-
1.PRICE STATED HERE IS OF
SPOT MARKET.
2.RECOMMENDATIONS ARE VALID TILL THE STOP
LOSS IS TRIGGERED.
3.IN
FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND CAPITAL PROTECTION.
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