LET THE MARKET TELL WHO WE ARE

Gold: currently trading at 1655 day trading range will remain between 1624-1685, trend will remain sideways. Intraday important level to watch is 1660 stability above 1660 needed to confirm yesterday’s bullish move. Above 1660 if manage to hold then 1680-1685 can’t be ruled out for the day.  Intraday support at 1644 stability below this level will take it to 1638-1632 zones. 1624 will remain key support in short term and outlook will remain bullish till gold holding above this support. Silver: currently trading at 31.03, day trading range will remain between 30-32.30; trend is expected to remain sideways with negative bias. Intraday strong rest at 31.30 stability needed to move further upside immediate support seen at 30.70 stability below this may take it to 30.30-30 zones for the day. Above 31.30 if manage to hold then will try to move upwards till 31.90-32 but 32.30 will remain key resistance for very short term. 

Gold: currently trading at 1646.70, day trading range will remain between 1610-1660, intraday trend sideways with bullish bias. Immediate support at 1630 stability below 1630 would offer further weakness and gold may slide till 1624-1610 for the day. 1624 will remain key support on daily close basis and big fall only expected after closing below that support otherwise rebound can’t be ruled out. Immediate resistance at 1648 stability above 1648 would offer 1656-1672 for the day. Outlook will remain bullish till gold holding 1624 support on daily closing basis. Silver: currently trading at 30.70, day trading range will remain between 30-32. Intraday trend is expected to remain sideways with bullish bias. Silver having 30.30 is very strong support and closing required below this support on daily basis to confirm further down side otherwise silver may rebound from these levels. Daily stability below 30.30 would offer 28.60-26.30 in short term. Today key resistance will remain at 31...

Gold: currently trading at 1642.20, expected trading range for the day will remain between 1610-1660, intraday trend will remain sideways with positive bias. Metal holding above its strong support of 1624 and stability above 1624 suggesting positivity. Intraday support at 1630 break may take it to 1624 and more down side for the day, daily close below 1624 would signal further down side otherwise rebound can’t be ruled out from these levels. Key resistance for the day is 1648 stability above 1648 will take it to 1656-1672. Buying on decline would be good idea with stop of 1623. Silver: currently trading at 30.82 day trading range will remain between 30.30-32.00 intraday trend is expected to remain bearish. Immediate resistance seen at 31.10 stability above 31.10 may take it to 31.40-31.80 for the day. 32 will remain key resistance for the day. key support 30.30 and stability below 30.30 would signal a sharp decline in short term and silver may head towards 28.60-26.30 in coming ...

Gold : currently trading at 1635, day trading range will remain between 1600-1660, very short term trend is sideways with negative bias. Yesterday’s gold made low 1623 and nicely recovered from those levels.  1624 is acting as strong support as we were expecting in our gold short term trend analysis video. Today 1643-1648 zones will remain very strong resistance stability above these zones would confirm short term recovery in gold. Immediate support seen at 1624 daily close below 1624 will offer further negativity and gold will try to head towards 1585-1525 zones in coming days. till gold holding 1624 as support on daily close basis our outlook will bullish in gold. Silver: currently trading at 30.77, day trading range will remain between 30.30-32, very short term trend will remain bearish in silver. On daily chart silver trading near dead zone and stability below 30.30-30.40 zones would invite more bears and silver will try to head towards 28.60-26.30 in coming days.  ...

Gold on MCX struggling near descending resistance line of symmetric triangle at the same time 14 Period RSI moving above 50 with ascending support suggesting bulls are in action, breakout in expected direction may trigger a good bull move on MCX immediate resistances are 28815 and 28950 stability above these resistances would offer 29400 as primary resistance above that rally till 31000-31500 can’t be ruled out according this technical pattern. Recently short term SMA 20 crossed above SMA 55 is also supporting bullish view. Immediate support seen at 28300 failures below 28350 may neglect our bullish expectations. Stability above 28950 zones needed to confirm this bullish breakout entering in longs would be good idea during pullback after confirmation of this bullish breakout. Recommendation :  our outlook will remain neutral, and watching price action near resistance we will enter in longs during pullback after confirmation of breakout. Resistances : 28815-28950-29...

Gold: currently trading at 1640.35, day trading range will remain between 1620-1675, intraday trend expected to remain weak. Immediate resistance seen at 1643, stability above 1643 would offer intraday advance till 1652-1655 zones. 1657 will remain strong resistance for the day; break above 1657 is less likely but stability above 1657 would neglect our intraday bearish view on gold. Immediate support at 1628 stability below 1628 would signal intraday decline till 1614-1610 zones. 1608-1610 zones will remain key support zones for the day and failure below 1608 would offer a decline till 1585-1565 zones in near term. Silver: currently trading at 31.49, day trading range will remain between 30.80-32.60; trend is expected to remain weak for the day. Intraday key resistance seen at 32 stability above 32 may neglect our bearish view on silver. Immediate support seen at 31.30 failures below 31.30 will take it to 31-30.90 zones for the day.  30.90 are important to watch failure belo...

Gold: currently trading at 1652.73, day trading range will remain between 1628-1685; intraday trend is expected to remain sideways with bullish bias. 1653-1655 zones are important to watch stability above 1655 zones would signal intraday advance till 1670-1680 zones. Stability above 1685 zones would supply power to short term bulls and and gold will try to taste 1703-1724 zones in short term. Immediate support seen at 1648 failure will take it to 1640-1634 zones, 1628 will remain key support and stability below 1628 would signal resumption to bearish move. Silver: Currently trading at 31.80 day trading range will remain between 31-33.20; intraday trend will remain sideways with bullish bias. Immediate resistance seen at 31.90 stability above 31.90 would signal an advance till 32.15-32.60 and 33.20 will remain key resistance for very short term. Immediate support seen at 31.60 stability below 31.60 would take it to 31.30-31 areas for the day and 30.90 will remain key support for ...

Gold: Weekly : currently trading at 1551.05 weekly trading ranges will remain between 1560-1705, trend will remain down. Support at 1612 break below 1612 will open the doors for 1585-1565 zones for the week. Break above 1685 would supply some positive bias but major trend change possible only above 1705 other wise trends will remain down and gold may fall towards 1560-1520 zones during this downtrend. Intraday : day trading range will remain between 1628-1685, trend will remain down. Immediate support seen at 1648 stability below 1648 would signal intraday decline till 1635-1630 zones. Immediate resistance seen at 1658 cross above this resistance may take it to 1663-1665 zones. Selling on rise would be good trading strategy for the day and week and 1685 can be good stop loss for sellers for targeting 1615-1585. Silver: Weekly :  currently trading at 31.35 weekly trading ranges will remain between 30.30-33.20 trend is down. Major support for the week is 3...

Gold: currently trading at 1674.44 day trading range will remain between 1630-1705, very short term trend will remain up, and intraday resistance at 1685 stability will open the door for 1697-1703 zones.  Immediate support at 1662 stability below 1662 would offer 1653 zones as intraday support failure below 1650 may take it to 1644-134 for the day. 1630 will remain key support for short term. Silver: currently trading at 32.24, day trading range will remain between 30.80-33.30, very short term trend expected to remain up and silver is likely to taste 33.20 zones during this rally. Immediate support seen at 32.10 stability below 32.10 would take it to 31.60-31.30 for the day but 30.80 will remain key support for short term and till silver trading above this support it is likely to head towards 33.10 in short term. 

Gold: currently trading at 1658.36 day trading range will remain between 1630-1680; trend will remain up for intraday. Immediate support seen at 1650 failure will take it to 1644-1634 zones for the day. 1630 will remain key support, failure would signal negativity and gold will try to move towards 1618-1608 for the day. Major resistance for the day is 1666 stability above 1666 will take it to 1675-85 zones for the day. Silver: currently trading at 31.58 day trading range will remain between 30.80-32.20; trend will remain sideways with negative bias till trading below 32.20. Immediate support seen at 31.30 consolidations below 31.30 will take it to 30.90-30.30 zones for the day, till trading above 30.90 sideways move expected between 31-32.10 stability above 32.20 would signal 32.70-33.10 as primary targets for bulls. 33.30 will remain key resistance for this downtrend. 

Gold: currently trading at 1653 day trading range will remain between 1630-1666 trend will remain sideways till trading below 1666. Gold having very stiff resistance at 1666 stability above 16666 will take it to 1675-1685 zones for the day.  Immediate support seen at 1645 failure would offer a retest to 1639-1628 zones for the day. Till gold trading below 1666 on closing basis down side expectations for 1608-1585 zones will remain valid. Silver: currently trading at 31.51 day trading range will remain between 30.30 -32.10. Trend will remain sideways with negative bias. Strong resistance seen at 32.10 stability above 32.10 will open the doors for 32.60-33 zones. 33.20 will remain key resistance for our bearish outlook.  Today silver is likely to taste 31.10 and more down side till trading below 32.10 zones. Intraday key support at 30.90 if manage to consolidate below 30.90 then 30.30-29.60 will be next destinations for silver.

Gold: currently trading at 1652.50 day trading range will remain between 1635-1680 intraday trend is expected to remain up. Immediate resistance seen between ranges of 1662-1662 stability above 1666 zones would take it to 1674-1682 for the day. Very short term technical indicators are reached in overbought territory can be the reason of higher fluctuation during day trading. Major support for the day is 1635-1632 zones failure would signal retest to 1620-1608 zones. Silver: currently trading at 31.82 day trading range will remain between 30.80-32.70; intraday trend is expected to remain sideways with higher fluctuation due to overbought reading on stochastic oscillator. Immediate strong resistance seen at 32.10 cross above 32.10 is less likely but stability above this resistance would offer a retest to 33 zones in short term. Key support will remain at 31.30 failure would offer 31.80-31.30 as intraday targets in silver. 

Gold: Weekly: currently trading at 1640, weekly trading range will remain between 1560-1703; weekly trend will remain sideways with negative bias. Weekly close 1685 would signal recovery from recent bearish developments 1560 will remain key support for this week. Intraday: day trading range will remain between 1618-1652, trend will remain down. 1652 zones are very strong resistance and sustainability above 1652 required for 1675-85 zones.  Immediate support seen at 1633 failure may take it to 1620-1618 zones for the day. 1610-1608 zones are important to watch failure would signal a decline till 1585-1575 zones in short term. Recommendation:  selling gold around 1642-1646 for targeting around 1618-1608-1585 with stop loss of 1658 on 240 minute closing basis might be appropriate. Silver: Weekly: currently trading at 31.80 weekly trading ranges will remain between 30.30-34.30 trend will remain down. Key resistance will remain at 32.70 sustainability will take i...

Bullish harmonic structure has appeared in gold and trading near potential reversal zone. At the same time stochastic indicator showing overbought reading these are the reason that are suggesting gold may turned back from 1612-1585 area and this reversal may take it to 1643-1692 in coming days. Recommendation: buying around 1612 add more in longs around 1585 for targeting around 1643-1692 with stop loss of 1570 on 240 minute closing basis might be appropriate .

Gold: currently trading at 1643, day trading range will remain between 1580-1665, intraday trend is down. Yesterday sharp decline seen from expected resistance zones of 1685 and gold dropped nicely and broken near term support of 1644. Now it has turned in to bearish zone for short term 1638-1624 is minor supports overall this bearish swing will remain open till 1610-1585. Intraday major resistance at 1666 sustainability above that will neglect bearish view. Silver: currently trading at 32.29, day trading range will remain between 31.80-33.20; intraday trend will remain sideways with negative bias. Intraday resistance at 32.75 sustainability above 32.75 will take it to 33-33.20 but 33.20 will remain key resistance and silver must sustain above that level to move further upside. Intraday support at 31.90 consolidations below 31.90 will take it to 31.60-31 for the day. 

Gold: currently trading at 1679.87, day trading range will remain between 1660-1703 trend will remain up. Immediate support seen at 1674 failure below 1674 may take it to 1668-164 for the day. But 1660 will remain key support for the day. Resistance seen at 1686 sustainability above 1686 will open the doors for 1696-1708 during today’s trading session. Silver:  currently trading at 33.02, day trading range will remain between 32-34.40 intraday trend will remain up.  Metal trading near its important resistance of 33.20 sustainability above would signal neckline breakout of reversal pattern that has been appeared on silver 240 minute chart and would offer 34.30 as targets. Intraday minor support at 32.37 and 32 major support will remain at 31.50 resistances are 33.70-34.40 but 34.40 will act as very strong hurdle. 

NIFTY nicely jumped from expected range of 5150 as I have written in my previous post on March 26, 2012 . Presence of 2 harmonic structures at the same time was the strong technical reason of this bounce back. I have already discussed about 0-5 pattern on nifty daily chart and as per that pattern 5150-5080 was potential reversal zones. Later we found a bullish butterfly harmonic structure on harouly chart of nifty which also completes between 5130-5080. In respect of these harmonic structures nifty has jumped nicely as per our expectations. Now 5410 will remain important to watch, nifty closed at 5353 at the same time stochastic indicator was in overbought territory that is suggesting higher fluctuation during the next trading session. Now we will avoid fresh longs and will wait for our target of 5400 to reach. Till nifty trading below 5410 our outlook will remain neutral. Due to overbought reading on stochastic indicator on hourly chart very short term reversal from 5410 zones is ...

Gold: Weekly: currently trading at 1669, weekly trading range will remain between key support of 1628 and resistance 1711, trend will remain sideways with negative bias.  Sustainability required above 1711 to confirm a short term bottom. Intraday: intraday trading range will remain between 1645 and 1685; intraday trend will remain up with mixed bias. Immediate support placed at 1665 failure will take it to 1660-1659 zones but 1655 will remain important to watch. Failure below 1655 is not likely. In case of failure below 1655 gold may taste 1645-1635 zones for the day. Resistance for the day are 1678 and 1685 sustainability above 1685 will take it to 1681-1697 for the day. Silver: Weekly: currently trading at 32.43 weekly trading ranges will remain between key support of 31 and resistance 34.50 trends will remain sideways with mixed bias. Sustainability above 33.20 would open the door for 34.30-34.40 zones for the week. Intraday: expected day trading range will ...