GOLD Weekly Technical Analysis (1-5 June,2015) | May 30, 2015

After breaking 1201 area, gold fell rapidly. Now it is now on ranging mode. Its bearish power is becoming low. We can also see bullish pin bar on h4 within the ranging area. So it can be indication of bullish movement on gold. So we can wait for breakout of ranging area and then we can target 1201 area for our buy entry. 1185-1188 area can be short term buying area. We can also take buy from that level.


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Weekly Pivot, Support and Resistance

Resistance Two (R2): 1222

Resistance One (R1): 1206

Pivot Point: 1193

Support One (S1): 1177

Support Two (S2): 1164