Gold comex settled $ 1190.40 on Dec 05th up by $ 15 last week closing.
Last week on Monday yellow metal tested our weekly support $ 1141.40 and sharply recovered becasue of shortcovering by big traders and produced new high tic $ 1220.40 before closing.
However the downtrend is still intact in my openion. I am advising to positional traders sit side line for some time and look for a better mkt chart stracture.
Technically now yellow metal should stay in a consolidation faze for some time and later on start the new leg down towards our projection $ 1122-1100 till the end of Feb expiry or later on.
Weekly level
R2: 1216
R1: 1205
WP: 1192
S1: 1182
S2:1173
RECOMMENDATION
MARKET DEVLOPING POSITIONAL CALL NOW WAITING FOR ENTRY
ALSO EXPECTING FULL OF INTRADAY TRADES THIS WEEK...
JOIN MY TRADING ROOM FOR INTRADAY TRADING vatsaap +91 8193003476
happy trading
Rahul Kumar
Bullion expert
HFBC
Last week on Monday yellow metal tested our weekly support $ 1141.40 and sharply recovered becasue of shortcovering by big traders and produced new high tic $ 1220.40 before closing.
However the downtrend is still intact in my openion. I am advising to positional traders sit side line for some time and look for a better mkt chart stracture.
Technically now yellow metal should stay in a consolidation faze for some time and later on start the new leg down towards our projection $ 1122-1100 till the end of Feb expiry or later on.
Weekly level
R2: 1216
R1: 1205
WP: 1192
S1: 1182
S2:1173
RECOMMENDATION
MARKET DEVLOPING POSITIONAL CALL NOW WAITING FOR ENTRY
ALSO EXPECTING FULL OF INTRADAY TRADES THIS WEEK...
JOIN MY TRADING ROOM FOR INTRADAY TRADING vatsaap +91 8193003476
happy trading
Rahul Kumar
Bullion expert
HFBC
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