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Gold and Silver Trading for Week 27th to 31st May 2019

Gold looks weak but its rangebound. The International US-China agreement is taking it to weaker side. Further a lot of Hedge Funds have reduced their net long positions in gold because of unstable geopolitical scenario in Iran as well as the trade agreement between US and China. The range for trading this week is between $1276-$1285. Breaking any side and trading for more than 15 minutes can make the trend bullish or bearish. For bullish trend it can go upto $1302. Whereas in other scenario it can come upto $1257-$1255. Positionally it's bearish. In India the marriage season is to end. Furthermore nifty is on an uptrend because of a stable government. This can take gold further to the downtrend testing 31100-30800 levels. Silver is already bearish since Friday. Technically its weak and can test upto 35900 levels in this week. Thanks and Enjoy a safe trade for the week ahead. Saar Advisory.
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