GOLD

Short-term view:

The metal paused its up move at the 61.8 fib level. The next fresh up move is expected only above $1,334.60 for $1,342 and $1,360 levels. The daily momentum indicators are at an overbought zone. This may result in healthy correction towards $1,310, $1,306 and $1,300 levels. The metal has strong support at $1,310 (200 days Ema) and 1299 (50 weeks Sma). The current trading pattern is framed between $1,310-$1,334.50.

Intraday: $1,324.70

The metal is trading below 35 H Dema at $1,328 levels, it has supports at $1,320 and $1,317.90 levels. We expect the selling pressure to take place below $1,317.90 for $1,315 and $1,310. The panic button is seen below $1,310 for $1,306 and $1,300 levels. So, an intraday traders should keep their eyes on $1,317.90 and $1,310 levels. If the metal manages to get back above 35 H Dema at $1,328, it is anticipated to fly up to $1,330, $1,332 and $1,334.60. Fresh up move would occur only above the level of $1,335.

Cmp $1,324.70

Sell below $1,317.90

Buy above $1,328

Positional traders should buy only above $1,335 for $1,338, $1,340, $1,354, $1,360, $1,370 and $1,390 levels, sl 1299