GOLD IN $ TERMS
Gold closed at $1294.80 on 17-6-2016
SUPPORT: - $1287.80/1272/1236.90/12225.40/1206/1201.50/1191.70/1181.60/1167.30/1162.10/1141.60/1130.40/1103.80/1061.50/1060.20/1044.50.
RESISTANCE: -
$1306/1307.80/1318.90/1324.30/1346.80/1349/1361.80/1392.60/1434/1487.20/1539.
It
has been in the uptrend for last few months (see my earlier post) and technically
it is still looking good and the up move is expected to continue with in
between down correction. But please note that there are certain important
international events lined up for the next week and the outcome of those events
could bring in extreme volatility in it for the time being, so handle your
trade cautiously.
Please note that it’s one of the very critical
point for the year 2016 is at 1307.80; it crossed this mark on 16-6-2016
intra-day but could not close above it. Kindly note that sustained close above
this level could take it to much higher levels but the up journey may not be
smooth as it will face series of resistance in the range of 1321—1336—1350—1392—1434—1487—1525—1535
but looking at overall technical setup as of now it is expected to move up
steadily once it closes above 1307.80. Similarly in down correction it will
find good support at 1274/1260/1246/1229 and it could regain up momentum again
from any of these points. Therefore follow buy on dip strategy at proper points
or attempt long call if it sustains above 1307.80 for sure.
It
is important to mention here that the uptrend could be in potential danger only
if it fails to hold 1201.50/1191.70 & 1181.60. Chances of breaking these
levels look remote at this point of time.
REMARKS:-Trend
is up. It is therefore suggested to adopt buy on dip strategy or buy above
1307.80 for sure.
Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Contact me for
strategic guidance to enter and exit the trade.
I got to know a lot on Indian stock market here. Investors should always have a good knowledge about the market if they trade in it. Get best trading tips by joining epic research.
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