Gold is trading at critical levels....Gold has been trading in Range for more than 6 months now ....from here move on either side is possible.....Keep booking small profits and wait for break of levels.....following possibilities are there....
There are multiple levels of support/ resistance created because of sideways movement till now....
1- Gold has not fallen down much even after strong Data on Friday....So it may be end of the Downward movement and Gold can bounce back- and above 26884 till 26940--27050 levels....break of 27050 can take gold to 27195, then break of 27195 will open for 27600 and then break of 27600 will confirm the Uptrend till 30333 levels...Till then watch all above levels for reversal or breakout....
2. Gold may have further down side pending....a break of Friday's low (@26572) can confirm the move towards 26500 and then break down till 26400-26350-26250 levels.....may be till 25800-25600 levels.....Break of 25500 can only confirm the down trend continuation till 24800 and more.....
Trade with strict stop loss for any Long / Short positions.....and cover your positions at above levels .....do't trade further till you see break up/ down with volumes.....Keep booking small profits till we have confirmation ........
Small traders are advised to wait till Federal Minutes comes out till next week end......
I still feel that yet the trend has not turned to downwards till it break 24800......with volume and close below 24800
I still feel that yet the trend has not turned to downwards till it break 24800......with volume and close below 24800