Gold spot is currently trading at $1255; recently it has formed a bullish breakout above neckline resistance of an inverse head and shoulder pattern and hints a possible rally towards 1300-1320 zones in coming days. 14 periods RSI has 60 levels for the first time and confirms a zone shift on this indicator and supportive for gold bulls. Retest to 1235-1225 zones can’t be ruled out but traders can use those opportunities to buy this metal for a short term rally. Key support would remain at 1160$ for this outlook.
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...
Comments