25 th JAN 2018 GOLD SELL TARGET ACHIEVED 30150 !!
SILVER NEAR TARGET OF 39200 MADE A LOW OF 39451 !!
BUY GOLD 30000 TGT 30150/30250 SL 29900
Gold: Gold rose on Friday, climbing back toward the previous day's 17-month
peak as a report of slow economic growth pushed the U.S. dollar lower, days
after the greenback was hammered by a senior U.S. official backing a weaker
currency. Dollar weakness makes assets priced in the U.S. unit less expensive
for holders of other currencies. The U.S. economy grew 2.6 percent in the final
quarter of 2017, slower than the 3 percent forecast by economists polled by
Reuters. We suggest bullish trend will continue further for few more days. On
the other hand, COMEX Gold has sustained above the psychological level of
$1350. Moreover, MCX Gold Price has found the support of 21 days EMA on daily
chart. Based on the above technical aspects, we expect bullish movement in MCX
Gold prices. Gold trading range for the day is 29900-30300. Gold is getting
support at 29900 and below same could see a test of 29700 level, And resistance
is now likely to be seen at 30150, a move above could see prices testing 30350.
Gold is trading into positive zone and traders can hold long positions
until Gold closes below 29900 levels. Traders can initiate long positions
on every dips until Gold closes below 29900 levels.
R2
|
R1
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S1
|
S2
|
TREND
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||
GOLD
|
30300
|
30150
|
29900
|
29700
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BULLISH
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