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Gold Technical Outlook 22-08.2014Back

Gold October contract on MCX inched 465 rupees down to settle at 27747. Gold has traded with negative note and settled well below key support of 27800 that indicates more weakness in this counter. Today Support would be at 27700 any failure of this level would signal a decline towards 27600-550 zones. Further stability below 27500 would trigger more weakness and then we will see a decline towards 27400-350 zones. Resistance is now seen near 28161 and then at 28300 any sustained move above 28300 may change immediate down trend.

Trading range for the day is expected among the key support at 27700 and resistance at 28150.

Recommendation:

Today again selling gold on jumps around 27850-900 with stop loss above 28150 for targeting 27700-27500 and more down side might be appropriate.

In alternative scenario selling below 27700 with stop loss above 27800 for targeting 27600-500 and more down side might be appropriate.

Buying can be taken on declines around 27450-350 with stop loss below 27250 for targeting 27700 and more.

 
 
 
Posted on: 22-Aug-2014 | Posted by: NIFM | Comment('0')
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