Gold Technical OutlookBack

Gold June contract on MCX inched 22 rupees up to settle at 28527. Today support would be 27282 and then at 28200 any sustained move below 28200 would bring more weakness and then we may see 28000-27800 on cards. Key support term support would remain at 28770 and any closing below that level would bring more weakness. Resistance is now seen near 28580 and then at 28660 any sustained move above 28580 would bring 28650 on cards whereas sustained move above 28660 would call for a retest to 28800 and more upside.

Gold trading range for the day is expected among the key support at 28200 and resistance at 29000.

Recommendation:

· Today again selling gold on jumps around 28650-700 with stop loss above 28860 for targeting 28450-28300-28050 and more down side might be appropriate.

· In alternative scenario selling below 28200 with stop loss above 28330 for targeting 28050-27900 and more down side might be appropriate.

· Buying above 29000 with stop loss below 28900 for targeting 29100-29200 and more upside might be appropriate.