MTECHTIPS

MTECHTIPS:-GOLD

GOLD spot or XAU/USD on Fridays session given sharp reversal on mostly sharp covering.on daily chart it was reversal after consolidation.on month on month basis gold closed down in may with loss of 7% from high to close.for june series now by pivot theory trend is up for target of 1645 and 1730 while 1585 will be support or stoploss for long positions.while on 1 year trend chart Gold trend is down and this bounce may last upto 1660 only.below 1660 trading strateg yshould be remain sell on rise!!dollar index above 83 and gold bounce back looks very controversial may be trap!!our view is gold will go down below 1500 in month of june to July!!in extreme condition sell may take gold upto 1380 on average side 1640-1650 will be strong resistance as many averages meet there,on monthly chart 1500 breakdown will be historic breakout and that may take gold upto $798 in next 5 years time frame,which is 200 month average of gold.