Gold: Last day gold took good support at 20360 and bounced back from here. Most of the time it traded above 20400. Since volume was less compared to last few mcx trading session so major movement will come only with volume. As we mentioned since last few mcx trading session that it will face resistance at 20500. Gold not able to cross and sustain even 20480. Today selling pressure will continue till 20500. Above this level, it may fired till 20540. Downside, it will take support at 20357 and then 20303.
Dear all last week this counter shown weakness as we expect & mention. But chart patter showing now it's again positive till new highs of 21500 very soon. After touch 21500 we can see heavy correction till 17500. Now this week and till target of 21500, keep your eyes on level of 20184, if it continues maintain above this level and hold this week above this level, you can start buying for long term.
This is the story of long term now we have to talk about this week. This week keep your eyes on level of 20260, till its maintain above this level, you can keep buying and once its break and close below 20260, you have to exit in bought and wait for clear intraday trend. Over all keep buying in your hand with some small but strict stop loss.
Below 20500 short term weakness........down side support 20000-19900, decisively break with volume further weakness. Below 20800 do not remain long.... Today gold resistance 20500... reversal to sell side.....down side support 20300-20000-19800 likely.
TODAY'S STRATEGY: - Dear all yesterday this counter not shown any major movement. And still this counter looks positive as we continue wrote till 21500. Now still keep your eyes on level of 20260-20300, around those levels you can keep buying till it's maintain above 20180 hold your bought position.
Buy only on deep is best however any one suggest you buy above or sell below. Don't trap and don't trade on higher level or lower levels, just watch out our level and keep buying on deep and keep shorts on rise. Today it will face resistance 20540-20660 & support 20320-20260.