As we Mentioned on Our Yesterday’s Trend-O-Meter ,above 30260,has Strong Support of 30340, The View was Most Accurate.
Gold Trend is Up and Gold prices are trading at 30366 levels up by .018%, Prices have immediate resistance of 30400 levels once breaches this level it may touch 30460 levels while on the lower side prices have support of 30330 levels if breaks this levels prices may fall further and touch 30300 levels.
Gold Update at 1PM: Momentum indicator RSI-14 is witnessing a formation of negative divergence in daily price chart and also prices have tested intraday resistance levels of 30430-440 levels which is a 123.6% to yesterday’s move. Before going to break the same level it might drop up to support levels. Supports are seen at 30332/30301. Resistances are seen at 30430-440 levels.
Any breach and sustainable trade above the same might test 30560 levels on intraday basis. Overall from technical end expecting prices to trade towards lower side for the next hour and expected range is 30336-30440.
Free Recommendation(HIGH RISK): Sell Gold Aug MCX in the range of 1st lot at Cmp:30390 2nd Lot @ 30490,T1:30301,T2: 30201,SL above:30590…CMP 30400
Gold Update at 2 PM: From last one hour prices are hovering in the range of 30336-30440. Break either side might confirm further direction. Based on technical analysis dip is expected and those who are holding short positions recommend to maintain strict stop loss above 30590
Gold Hourly Update 3 PM : Gold prices are trading 30390 levels, Gold prices have immedaite resistance 30430 levels once breaches this levels it may touch 30490 levels while on the lower side prices have crucial support of 30330 if breaks this levels it may touch 30300 levels. Either side breakout will give the confirmation for the next direction.
Free Recommendation(Update 1): Gold Call,Sold @ 30390,Low Made:30315,Cmp:30321,Those who traded in 1KG lot can Book Profit of Rs.7000 here – www.Commodity20.com @ 19.06.12, 06:02 PM
Gold Update at 9 PM : Sustained trades below $1635 levels may lead the prices to see some dips towards $1621 followed by $1616 levels. Trading range expected to be $1621-1631 with downside bias. At MCX prices are likely to move in the range of 30200-30340 levels with negative bias. Break below 30200 would trigger fresh selling towards 30140 levels. We suggest selling on pullbacks. CMP 30248
Free Recommendation(Update 2): Gold Call,Sold @ 30390,Low Made:30201,Target2 Achieved,Profit of Rs.20000+ per lot – www.Commodity20.com @ 19.06.12, 09:01 PM
Gold Update at 10 PM: Prices made intraday low of 1618 and currently hovering at 1620.9. Sustained trades below 1628 may put some downside pressure. Break below 1613 would confirm further correction in the prices. Trading range expected to be 1613-1628 with downside bias. At MCX prices are expected to trade downside in the range of 30140-30290 levels. We suggest selling on pullbacks. CMP 30201