Monday, 9 May 2016

Technical Comment For The Day: Gold

Supplies has been noted in the Gold futures June contract after a bull run that has taken prices above Rs 30000. The prices closed at Rs 29805 per 10 grams on 9 May 2016, down 1.9%. Gold is forming an evening star pattern that is bearish reversal and means that the prices can see further downside. The prices moved further away from important levels of Rs 29950 per 10 grams. Gold closure below Rs 30000 has made the bears grow strong. The gains are expected to get limited towards Rs 29950 and 30000 per 10 grams can happen in Gold prices in coming week that will again be oppurtunity to sell. However a correction below Rs 29700 can prove decimating for Gold. On the lower side Rs 29500 per 10 grams is acting as a medium term support zone. The prices tested a low of Rs 30215 and a high of Rs 29765 per 10 grams.

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