Gold (15.07.2013) was able to recover from lower area & from long time its trading in same tight range. However we have seen some major pull backs after a small fall.
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Now gold is trading around $1280 & as we can see on charts , its almost kissing the 50% feb correction . As the bounce from $1200 area was quite sharp , we can expect a round of profit booking either at current levels of may be around $1300 mark, which represent the parallel resistance in combination of 61.8% correction level. A supporting tradeline also following current move which suggest for a upside move in coming trading session.
Based on above studies, we will prefer to wait for a buying opportunity on lower levels & prefer to buy for possible targets around $1330 while a days close below $1240 will reject the projection.
Gold moved to the mention level as per last report. ENJOY
Good Call Kapil!
thanx @rajandran. Gold started a profit booking session from $1330 area.
Good work, keep it up.