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Gold Technical Outlook for intraday

Gold April contract on MCX inched 261 rupees down to settle at 28898. Gold traded in negative posture and headed intraday low of 28863 and settled well below psychological level of 29000. Today price objective for bears would be 28850 any failure below this level would bring 28600-28400 on cards. Resistance is now seen near 29010 any recovery above this level would bring a retest to 29200 zones. Key resistance would remain at 29260 and any closing above that level would bring more charm in this commodity and then attempt towards 29500 zones can not be ruled out.

Trading range for the day is expected among the key support at 28700 and resistance at 29100.

Recommendation:

·         Today again buying gold above 29050 with stop loss below 28890 for targeting 29100-29200 and more upside might be appropriate.

·         Selling below 28850 with stop loss above 28930 for targeting 28750-28650-55 and more down side might be appropriate. 

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