5 February 2018

GOLD TRADING RANGE FOR 05-06 FEB 2018

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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