Gold comex : intraday trading range is between 1580-1660 , currently trading at 1627.90. Yesterday gold broken rising trend line support of ascending triangle and low made 1595.77 and we were expecting 1595 as 1st support after break below 1630 now as per this breakout next major support seen at 1502 levels. Very short term trend is down and 1640 is looking very important intraday resistance above 1640 gold may rise up to 1660-65 zones overall counter is looking weak and a retest of 1580 is possible during intraday trading. Below 1580 no major support before 1532-1502.
Nifty settled at 24,578 , down by 1.39% on Tuesday. The index failed to attract follow-up buying above 24,800 , which acted as a strong resistance zone (as highlighted in our previous write-up dated May 2, 2025 ). It eventually closed well below this level, indicating the presence of selling interest near key resistance. Technical Overview: Nifty successfully tested the resistance zone of 24,800 and subsequently formed a bearish Harami pattern on the daily chart. This pattern coincides with a recent swing top and occurred near a resistance zone, thereby strengthening its technical significance. A large trading range was observed on Monday, May 12, 2025 , which suggests the possibility of a sideways move in the coming sessions. Despite the recent pullback, the intermediate trend remains bullish as the price is still holding above the 9 and 21 DEMA levels. Moreover, the 9 DEMA is placed above the 21 DEMA , confirming the uptrend. Key support is now seen in the 24,100–24,000...
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