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Gold technical view 05.03.2014

Gold April contract on MCX inched 471 rupees down to settle at 30160. Today support would be 30050 any failure below this level would bring 29900-29800 on cards. Areas of 29750 are expected to remain strong support if fails to hold then retest to 29500 and more down side cant be ruled out. Resistance is now seen near 30310 any sustained move above that level would bring some charm and then we may see retest to 30500 zones. Key resistance would remain at 30650 and any closing above that level would bring more charm in this commodity.

Trading range for the day is expected among the key support at 30000 and resistance at 30500.

Recommendation:

·         Today buying gold around 30130-30070 with stop loss below 30000 for targeting 30300-30500 and more upside might be appropriate.

·         In alternative scenario buying can be taken above 30230 with stop loss below 30100 for targeting 30330-30500.

·         In alternative scenario selling can be taken below 30000 with stop loss above 30170 for targeting 29930-840 and more down side might be appropriate. 

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