25 July Thursday View

Gold retraced back yesterday Rs. 586/10gms after it tested a high of 32464 (USD 1346.90), slightly lower than previous day high 32495 (USD 1347.69) and our anticipated resistance of 32550 (USD 1349.80), to 31661 (USD 1313.10) before it closed at 31796 (USD 1318.70).

Support level 31870 (1321.76) is taken down as of now. But the uptrend in H4 chart started on 28 June is still intact so is the condition of price trading above 150 SMA. This rule out an immediate short opening. The price now clearly will have to break the previous mentioned highs 32495 and 32550 to proceed further ahead and if it retraces down side, the trend line support first and then the level 30720 (USD 1274.07) the 150 SMA as of now should hold the price if it really is onto continue its upside moves, we are anticipating.

Trade Happy, Trade Safe :)