WEEKEND VIEW JUN 2ND (SAT)

Gold exploded 3.7% higher yesterday with prices erasing three weeks of losses in one session lifting prices intra-day back above its 50 day MA. Gold should be bought on weakness as a bottom has been established in my estimation.  Upside in August I see as $1670 followed by $1700. With silver settling back over $28/ounce traders can wok long here as well. This could be a bumpier ride than gold but I see $30.50/31 in the coming weeks. My suggestion is to build a position in both metals as this could be the 2012 low that we just made.

* AS I TOLD EARLIER WE ARE IN BUYING UNTILL GOLD MAINTAIN $ 1525


* OUR LAST WEEK TRADES

* GOLD COMEX BOUGHT IST ENTRY $ 1539 (May 30th) IIND ENTRY $ 1572 (June 1st) IIRD ENTRY $ 1592 (June 1st) HOLD ALL CLOSE $ 1626 (KEEPING SL $ 1583) 


* MCX (AUG) IST ENTRY 29250 ( May 31st)   IIND 29065 (June 1st) IIRD ENTRY 29700 (June Ist) HOLD ALL CLOSE ABOVE 30000 (KEEPING SL 29655)


*  SILVER IST ENTRY $ 27.72 (May 30th) IIND ENTRY $  28.22 (June 1st) and WE WILL  ADD MORE  WHEN CLOSE ABOVE $ 29.07  HOLD ALL CLOSE $ 28.68 (KEEPING SL $ 27.69)


*  MCX SILVER IST ENTRY 53890 (May 31st)  IIND ENTRY 53100 (June 1st) and WE WILL  ADD MORE WHEN CLOSE 55250  HOLD ALL CLOSE  54400 (KEEPING SL 52800)

Happy Trading

Rahul Kumar
Gold Analysist

Call me for trade set-up : 969-0022-884