GOLD UPDATES FOR MAY 1 2016

SUNDAY



WEEKLY UPDATE



Gold in international market last week given a ascending triangle pattern breakout and


was given a 30$ move from 1260 to close at 1290$, trend for the commodity looks very


bullish and immediate resistance for the commodity is at 1300$, if we plot a weekly


chart and draw a trendline 1300$ poses a major resistance for now and any breakout


above 1300 will be considered as short term rally till 1350$ on weekly basis.


RSI for the commodity is very supportive for the trend.



Weekly Call :



Buy International gold on dips between 1276 – 1280


with SL below 1260


for target 1300$.



Buy International gold on a close above 1300$


with SL below 1273$


for target 1350$.


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