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Gold Trading Recommendation for intraday

Gold April contract on MCX inched 149 rupees down to settle at 29882. Gold traded with negative note for 2nd consecutive day and settled well below psychological level of 30000. Today price objective for bulls would be 29980 any move above that level would bring a retest to 30070-30140-30200 zones. Key resistance would remain at 30260 and any closing above that level would witness a fresh upside move. Support is now seen near 29800 any failure below this level would bring a retest to 29650-500 zones.

Trading range for the day is expected among the key support at 28200 and resistance at 35100.

Recommendation:

  • Today buying gold around 29890-860 with stop loss below 29790 for targeting 29950-30050-30130 and more upside might be appropriate.
  • Selling can be taken below 29790 with stop loss above 29880 for targeting 29700-640-540 might be appropriate.
  • In alternative scenario buying gold above 29980 with stop loss below 29880 for targeting 30100-30200 and more upside might be appropriate.
  • In another likely scenario buying can be taken on declines around 29500-400 with stop loss below 29200 (closing basis) for targeting 30800 and more upside might be appropriate for short term. 

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