GOLD TREND FOR MAY 29th

From observing the gold price action lately the market seems to be holding major support levels and may be set to travel higher towards the 1605 level. The market traded within a downward parallel channel but failed to take out previous lows of $1526.7.  The second pullback found support at the $1532.8 level since then witnessed a $50 bounce in price. Our key levels to observe remain at 1586 level the 18 day moving. If buying pressure continues 1605 per ounce level may be on its way till this weekend .  Watch closely and must maintain level
$ 1562 for trading higher.

TODAY LEVELS

RESISTENCE #2........................ $ 1584
RESISTENCE #1........................ $ 1571
PIVOT ........................................$ 1563
SUPPORT #1..............................$ 1551
SUPPORT #2..............................$ 1539

MCX

RESISTENCE #2........................ INR 29150
RESISTENCE #1........................ INR 29050
PIVOT ........................................INR 28960
SUPPORT #1..............................INR 28870
SUPPORT #2..............................INR 28790


Happy Trading

Rahul Kumar
Gold Analysist

Call me : 969-0022-884