Gold
Support at 29850 and Resistance at 30450
Two consecutive closes below 29850 will see sharp downside fall in Gold till 29250---28900 mark else it could test its resistance level of 30300---30450 again
Further upside rally will see only close above 30450 mark
On Comex division... Gold has support at $1268 while resistance at $1296---$1304
Two consecutive closes below $1268 will see more downside panic till $1238---$1225. More and more downside panic will see only weekly close below $1225 else it could test its resistance level of $1296---$1304 again
$1333 act as major hurdle for Gold... Upper side seems limited in Gold and traders remain cautious at upper hand but trade with levels only
INR will play key role in volatility
USDINR has support at 66.50 and Resistance at 67.00
Either side break or close with volume will decide further... Close below 66.50 will take to 66.00---65.80 else it could test its resistance level of 67.00 again
Further upside rally will see only close above 67.00 mark
On the Other hand, Dollar Index... We recommended buying in Dollar Index from lower levels with stop loss below 91.80. It flared and made a high of 94.06.
Now what to expect???
Two consecutive closes above 94.20 will take major turnaround and will see rally to remain continue till 96.00---97.00
Overall trend remain positive and any sharp panic will be buying opportunity in it. Stop loss below 91.80 on closing basis
With seeing all major factors and seeing on charts, chances are bright for downside move in Gold but trade with levels only. High volatility can't be ruled out
More will be update soon!!
