Gold Update at 11AM: Prices are hovering at intraday support levels 29220-29210($1577-78). Short term consolidation supports is seen around 29110 levels. On breach and sustainable trade blow the same might confirms resumption of short term bearish rally. In this case short term target seems to be around 28700. Higher side prices are witnessing consolidation break out point at 29376 levels.
From technical end this is clear that prices are hovering in the stiff range of 29110-29376 levels. Break either side might confirms further trend. Overall prices are hovering at support levels based on above analysis short- term strategy: Buy at 29200-29180 TP 29370/490 SL 29110 if stop loss triggers then recommend short term traders to sell below 29100 for short term target of 28700 with stop loss above 29370
Gold Update at 1PM: Prices are trading down by 39Rs at 29250 levels ($1583).Resistance is seen at 29270 levels on sustainable trade above the same might pressurize prices to test 29360 levels. Supports are seen at 29150/29210 levels. Expected range for next hour is 29210-29305 on higher side basis.