The metal opened with a mild bearish note to open higher in Asia’s session. As long as the precious metal is trading below 1305, bears will have an upper hand on a closing basis. Last Friday, gold hit the 50DSma and managed to close exactly at that level. On the upper side, if the metal breaches the $1,305 level, it can fly up to the $1,309, $1,314, and $1,318 levels. As we are recommending for the last few weeks, until the metal trades below $1,324.50 towards 1270, 1263 is an open target with strong support at 1292, 1285, and 1280.
Intraday cmp $1,301
The metal is trading below the hourly moving averages. On an hourly basis, the bulls will gain some strength above $1,305 and safe buy will be triggered above $1,309.
Buy only above $1,305.
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