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Gold trading view for 28.01.2014

Gold February contract on MCX inched 279 rupees up to settle at 29798. Gold headed a high of 29849 reaching primary resistance of 29800. Today price objective for gold bulls would be 29849 any sustained move above that level would bring 29960 and 30100 zones. Support is now seen near 29550 any sustained move below that level would bring more weakness and then we may see a decline towards 29400-29330 zones.


Trading range for the day is expected among the key support at 28280 and resistance at 35100.



  • In alternative scenario buying can be taken above 29850 with stop loss below 29750 for targeting 29950-30050-30140 and more upside might be appropriate.
  • Selling can be taken below 29550 with stop loss above 29670 for targeting 29460-370-300 and more down side might be appropriate. 

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