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Gold Outlook for Short term trader

Gold June contract on MCX inched 151 rupees up to settle at 28477. Gold headed an intraday high of 28586 yesterday and settled well above 10 days SMA. Today price objective for bulls would be 28590 any sustained move above that level would bring a retest to 20 days SMA that stands near 28700 zones. Support is now seen near 28390 any sustained move below that level would bring some weakness and then intraday retest to 28220 zones may take place. Areas of 28220-200 will remain important to watch and any failure below that level would bring 28000 and more down side.

Gold Trading range for the day is expected among the key support at 28400 and resistance at 28600.

Recommendation:

·         Today again buying gold around 28470-430 with stop loss below 28390 for targeting 28600-28700-28800 and more upside might be appropriate.

·         In alternative scenario buying above 28590 with stop loss below 28470 for targeting 28700 and more upside might be appropriate.

·         Selling below 28200 with stop loss above 28340 for targeting 28050-27900-27800 and more down side might be appropriate. 

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