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Gold Trading Recommendation 12.05.2012Back

Gold June contract on MCX inched 2 rupees up to settle at 28525. Gold traded in narrow range settled within the range of prior trading session. Today support is 28452 and then at 28400 any failure below these levels would bring 28100-27800 on cards. Resistance is now seen near 28650 any recovery above that level would bring 28700-28800 on cards.
Trading range for the day is expected among the key support at 28300 and resistance at 28800.
Today selling gold on jumps around 28800-28900 with stop loss above 29040 (closing basis) for targeting 28100-27800 and more down side might be appropriate in short term.
In alternative scenario selling below 28400 with stop loss above 28600 for targeting 28200-27900 and more down side might be appropriate.
Buying above 29040 with stop loss below 28900 for targeting 29200 and more upside might be appropriate.

Gold Trading Recommendation 12.05.2012
Posted on: 12-May-2014 | Posted by: NIFM | Comment('0')
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