In the previous update had mentioned about 960 being a resistance for the upmove and may not cross 980 in short term. Gold made a high of around 965 odd and cooled of as expected. Also before that had mentioned about the crucial support around 880 which did hold up.
Current View :
The last move below 900 might have trapped lot many shorts and we saw a quick move back to 960 as the channel was not broken and neither was our level of 880.
Now this time around the channel has been broken clearly and a drop below 880 would spell doom for the gold diggers and expect a retracement of the entire upmove from 680-1000.
Fibonacci levels of 50/61 % come roughly around 845 / 810.
Strong technical supports placed around 800-820 zone. Could be a good short trade below 880 or on rise to 920 with a stop beyond 935.
TECHNICAL ANALYSIS SESSION MUMBAI --- APRIL 11-12
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