EPIC GOLD TREND FOR TODAY 29-MAY-2013

**Admin** Wed May 29, 2013 4:12 pm

Gold trading range for the day is 25856-27104.
Gold dropped as an equities market rally driven by encouraging U.S. home sales and consumer confidence data decreased bullion's safe-haven appeal.
On physical markets bullion was being sold at high premiums compared with spot prices as there is not enough supply to meet the strong demand.
Holdings in SPDR Gold Trust, the world's largest gold-backed etf, fell to 1012.25 tonnes on Tuesday, their lowest since February 2009.
Gold is trading below 50DMA, which is at 27221, now intraday gold is holding support at 25856 and resistance at 27104.

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