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Gold Technical Outlook for intraday / short term trader

Gold February contract on MCX inched 29 rupees up to settle at 29288. Gold closed just nearer its opening price making it a doji candlestick formation on daily chart. Today key support would be 29280 any failure below that level would bring 29200-29100 on cards. Key support would remain at 28900 and any sustained move below that level would bring more down side and we may see a retest 28700 and more down side. Resistance is now seen near 29300 any sustained move above that level would bring an attempt towards 29370 zones. Key resistance would remain at 29400 and any sustained move above that level would bring a retest to 29500-29700 and more upside.

 

Technically gold is still looking bearish and penetration of 200 days (28200) SMA may bring sharp declines.

 

Trading range for the day is expected among the key support at 28780 and resistance at 29500.

 

Recommendation:

 

·         Today again buying gold on declines around 29130-29100 with stop loss below 28950 for targeting 29300-29400 and more upside might be appropriate.

·         In alternative scenario buying can be taken above 29400 with stop loss below 29270 for targeting 29500-29600 and more upside might be appropriate.

·         Selling gold below 28900 with stop loss above 29050 for targeting 28800-28700 and more down side might be appropriate. 

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