Gold above pivot 1285, sideways to hit above 1300 again
Technical Overview: Gold trading at 1296, above the key resistance at 1285 now turned to support, downside day support stands at 1292 the earlier resistance now turned to support. As trend remains firm, for the day can be in sideways trade where downside 1275 and upside 1305 can be the range levels. For the coming session one can hold or buy from every low till 1275 levels for upside 1305-15 zones. Overall buy on dips is advised for the day.
Fundamental: On Monday, spot gold declined by 0.31 percent to close at $1294.0 per ounce. Gold declined amongst the investors moved towards riskier asset class after better than expected US retail sales data eased the economic slowdown fears in turn leading to a rally in the global equities. The Federal Reserve Chairman Jerome Powell pointed towards a less Dovish approach as he stated last week that plans to closely monitor the effect of the global slowdown on United States and accordingly decide on the future of its rate hike trajectory.
Suggestion: BUY GOLD ABOVE 1300 FOR 1308/1313 ELSE SELL BELOW 1284 FOR 1275/1270