The chart above is of GOLD AUG contract.
The price is moving in a downtrend, and since the price is moving in a range of a two parallel line
breaking of this range will indicate a change in trend.
In my earliar post i specified that the trend seems to be in a downtrend and the same have been seen till now and same will be seen in coming days.
The price of gold in dollar terms have increased from 1550$ to CMP 1617$, but strengthening Rupee have help to decrease the price in indian market.
Range of 29500-29750 is crucial.
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