Gold bounced to $926.7 per ounce in the last trading session on COMEX as investors returned to safe-haven asset after the weak April's U. S retail sales data. Gold rose by Rs. 200 on MCX and settled the day at Rs. 14897.

The world's largest gold-backed exchangetraded fund, the SPDR Gold Trust, said holdings rose to 1,105.62 tonnes as of May
13, up 1.53 tonnes from the previous business day.

The dollar rallied broadly on Wednesday as an unexpected decline in April's U. S. retail sales raised concerns about the state of the economy and rekindled demand for the greenback as a safe haven.

GOLD: We recommend going long in Gold for the day as risk aversion seems to be supporting yellow metal. Weaker INR today morning may also lift Gold prices in Indian bourses.

SILVER: Due to weakness in industrial metals, Silver may not move up sharply.

Gold prices have breached the upper resistance of 14800 in the previous session. Gold is holding a short term up-trend and a medium-term bear trend. We can see the MACD gradually coming close to the Zeroline, thus supporting the uptrend. However, one should be cautious taking long positions in Gold as selling pressures can arise at these higher levels.

Silver prices have seen a slight down side in the previous session. However, Silver remains positive above 22200. Thus, one can enter in silver at lower levels with higher targets around 23500-700 in near term, with SL of 22000.