Gold corrected sharply again, below the range 1295-1305
Technical Overview: Gold trading at 1292.50, below the key resistance at 1300, downside day support stands at 1285 or 200MA, a break can extend the fall till 1270-65 levels. As trend remains firm and sideways, for the day can be in negative bias where downside 1285 and upside 1300 can be the range levels. For the coming session one can be on sell side for the day till 1296 for downside 1285-88 levels until it stays above 1308. Overall sell on rise is advised for the day.
Fundamental: On Thursday, spot gold prices declined by 1.18 percent falling below the $1300 mark to close at $1292.3 per ounce after strong US economic data pushed the Dollar higher. Dollar appreciated after robust U.S. labour and inflation data eased slowdown concerns in the world’s largest economy
Suggestion: SELL GOLD TILL 1296 FOR 1285-83 ELSE BUY ABOVE 1302 FOR 1308/1310