GOLD TREND FOR MAY 22ND

GOLD SETTLE $ 1589.30 DOWN $ 2.60

FUNDAMENTAL

Market players looking upto G-8 meeting.  The G-8 during the weekend attempted to assuage the markets by stating it wants Greece to remain in the European Union. And reports out of Greece said the more conservative political party is regaining some momentum heading into the June Greek elections. The next big news headline event for the market place is an EU summit meeting in Brussels on Wednesday.


TECHNICAL

The next major resistence is physicological level $ 1600. Market await for a good news to break that resistence.  In my view yellow metal ready to climb till $ 1615 and $ 1650 near term. Now $ 1574 will re-act as a good support and limit the further losses. 

TODAY SUPPORT AND RESISTENCE LEVEL

RESISTANCE # 2……………....$1606.00
RESISTANCE # 1………………$1598.00
PIVOT………………………..…$1591.00
SUPPORT # 1…………………..$1583.00
SUPPORT # 2…………………..$1576.00

MCX

RESISTANCE # 2……………....INR 29270
RESISTANCE # 1………………INR 29150
PIVOT………………………..…INR 29050
SUPPORT # 1…………………..INR 28940
SUPPORT # 2…………………..INR 28850

RECOMMENDATION : WAIT A DIP TO BUY

Happy Trading

Rahul Kumar
Gold Analysist

Call me : 969-0022-884