2nd
FEB CALL UPDATE:
GOLD
HIT TGT 30800 !!
Gold: Gold trading range for the day is 29480-29900. Gold is getting support at
30200 and below same could see a test of 29900 level, And resistance is now likely
to be seen at 29400, a move above could see prices testing 29480. Gold is
trading into positive zone and traders can hold long positions
until Gold closes below 29200 levels. Traders can initiate long positions
on every dips until Gold closes below 29200 levels.
Gold price has been in a uptrend
for on the four hourly chart. Price has sustained above 200 DEMA which suggests
positive trend. In the last session price has made a high of 30720 and slipped
towards the rising trend line. On the daily chart a “dark cloud cover” has
formed which suggests a bearish reversal in the price. In addition, a negative
divergence is visible in RSI and price. For the bias is expected to remain
weak; on the lower end price may come down towards 30000 (April Contract).
R2
|
R1
|
S1
|
S2
|
TREND
|
||
GOLD
|
30470
|
30380
|
30200
|
29900
|
BULLISH
|
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