As we can see in chart provided above, a nice down trend has been apparent in Gold spot. Commodity has recently broken through the support line of symmetric triangle and headed a low of 1277 after break down. The Base of this triangle has the range of 82$ which hints a decline of 82$ from the breakout level which was around 1320 zones. As per the triangle breakout now gold has the potential to hit 1240-1234 zones. 14 and 40 days EMA pair has been working well in this commodity and now 14 days EMA has given a bearish cross under 40 days EMA that also indicates that a down trend is in place. Immediate resistance is now placed near 1320 and then 1340 zones. Any sustained move above 1340 zones may negate the recent bearish developments of this commodity and then it may try moving towards 1390-1400 zones otherwise metal is open for a retest to 1240-1233 zones.
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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