Gold in sideways 1290-1310, stretch seems unfold and extend
Technical Overview: Gold trading at 1297, above the key support at 1296 now, 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 1285 and upside 1315 can be the range levels. For the coming session one can hold or buy from every low till 1290 levels for upside 13011-15 zones. Overall buy on dips is advised for the day with hurdles at 1302 and 1308 meanwhile.
Fundamental: On Thursday, spot gold declined by 0.99 to close at $1296.0 per ounce whereas Gold on the MCX declined sharply by 1.24 percent to close at Rs.31808 per 10gms. Dollar gained in yesterday’s trading session as fears of no deal Brexit eased off ahead of a vote to extend the deadline for Britain’s exit from the European Union which is scheduled at the end of this month. Trade tension between US & China added the trouble as US President Donald Trump emphasized that he was in no rush to secure a deal with China which raised fresh concerns over possibility of a trade deal between the biggest economies of the world. The officials of both the countries will meet again next month.
Suggestion: BUY GOLD ABOVE 1302 FOR 1312-1314 ELSE SELL BELOW 1285 FOR 1275/1270