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Gold Short Term OutlookBack

Gold June contract on MCX inched 23 rupees up to settle at 28146. Gold couldn’t form any side breakout settled with a doji candlestick pattern. 28000-27900 are good support zones and stability above these levels keeps bulls alive whereas any sustained move with closing below 28000 would trigger some bearishness in this counter and then retest to 27650 can’t be ruled out. Resistance is now seen near yesterday’s high at 28360 and then at 28390 any sustained move above 28400 would bring some charm back and then commodity will try moving towards 28600-800 on cards.

Trading range for the day is expected among the key support at 27900 and resistance at 28500.

Recommendation:

  • Today again buying gold around 28080-28140 with stop loss below 28000 for targeting 28300-28500 and more upside might be appropriate.
  • In alternative scenario buying above 28400 with stop loss below 28300 for targeting 28400-500 and more upside might be appropriate.
 
 
 
Posted on: 01-Apr-2014 | Posted by: NIFM | Comment('0')
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