Now gold is trading around $1211 & as we can see on charts gold following a upward trade line & reaching to the major from $1224-1245. while looking at the big time frame gold still looking & this move seems like 3 corrective move after completing the 5 wave downside pattern. At the same time we observe the move above $1205 is associated with very thin & thus hinting that bulls still hesitating to stay in market.
On fundamental side , weak employment data from US started questioning on rate hike expectation but we must remember that last quarter data were majorly disturb by weather condition.
Based on above studies, we prefer to stay on sell for possible levels around $1272 , followed by recent low at $1241.
Note - Above is not a buy/ sell recommendation. For recommendations Contact Us call Us : 088890 34986
MCX levels -> S2(26200) S1(26610) cmp (26900) R1(27140) R2(27460)