Now gold is trading around $1221 & as we can see on charts , gold proving some upside momentum from last 2 days with some very obvious reasons. The downside rally in gold filled a gap on charts which was created on 1st week of January 2014. At the same time this area also representing 261.8%% Fibonacci retracement.
Banknifty Spot on the hourly chart is in buy mode since 17th Feb 2014 and the prolong buy mode continues so far with the support zone coming close to 12477. And the momentum in Banknifty turned negative since 11st April,the RBI announcement of policy rates kept unchanged. Banknifty will enter into the positional sell mode if the support breaks on the hourly charts.