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Gold Technical outlook 13.03.2014

Gold April contract on MCX inched 225 rupees up to settle at 30472. Gold jumped nicely and headed an intraday high of 30280. Today price objective for bulls would be 30550 and then 30650. Any sustained move above 30650 would bring more charm and then commodity may witness a rally towards 30800-31000-31100 zones. Support is now seen near 30280 any failure below this level would bring a small corrective move that may take this metal towards 30100-3000 zones. Key support would be 29880.

Gold trading range for the day is expected among the key support at 30200 and resistance at 30700.


·         Today buying gold around 30400-30350 with stop loss below 30270 for targeting 30600 and more upside.

·         High risk traders can look for selling around 30610-630 with stop loss above 30670 for targeting 30450-350 and more down side.

·         If metal holds above 30670 then buying can be taken around 30670-80 with stop loss below 30500 for targeting 30800-30900 and more upside.

·         In other scenario selling below 29880 with stop loss above 30060 for targeting 29800-29700-29600 and more down side might be appropriate. 

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