ATS Wealth Managers Pvt Ltd. Page 1. ATS Research Desk. Gold Trend for the Month of June. TECHNICAL REPORT. Page 2. ATS
ATS Research Desk Gold Trend for the Month of June TECHNICAL REPORT
ATS Wealth Managers Pvt Ltd.
Page 1
Technical View: We have noticed that from past 7 trading sessions Gold is trading sideways, and once it breaks the sideway channel on upside we can again enter long position on Gold, Fibonacci extension indicator indicates the the the first support of 27940 has strong hold and the immediate support of 23.6% at the level of 28640 has shown the same indication which further confirms the trend, however the Key support area of 38.2% to 50% i.e. 29070 to 29420 are in a congestion note. If the gold takes the support of 29070 as prior in next 3-5 trading days it is a clear indication of the bull rally .Once the break out 29420 level triggers, the immediate resistances of 29770 can be seen on the same or the next trading session and gold level likely to reach 30900 by end of the month which can be seen on the MACD indicator. From the level of 27940 to 29770 it has come to positive zonearea as per the Fibonacci step levels .MACD indicator has managed to hold the positive territory. If this trend continues above 29420 it would reach the expected level of 30900. RSI has bottomed out on the previous strong support level.We expect that if gold consolidatesat the level of 29330 and RSI near the level of 45-60, expected level of 30900is very shortly. Research Analyst: Abhilash Dhanpal Technical Research Analyst Disclaimer: This report is only for the information of our customers. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. The information provided herein is not to be constructed as an offer to buy or sell securities of any kind. ATS and/or its group companies do not as assume any responsibility or liability resulting from the use of such information.
