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Gold Technical outlook for intraday traders

Gold June contract on MCX inched 72 rupees up to settle at 28599. Gold traded with bullish bias with small counter moves and settled with bullish note yesterdays today price objective for bulls would be 28680 any sustained move above that level would bring a retest to 28750-800 zones. Sustained move above that level would bring 28900-29000 on cards. Key resistance would remain at 29000 and any sustained move above that level would bring more upside. Support is now seen near 28482 any sustained move below that level would bring a retest to 28350-28300 zones. Key support would remain at 28200 and any failure below that level would bring 27800 and more down side.

Gold trading range for the day is expected among the key support at 28400 and resistance at 29000.

Recommendation:

·         Today again selling gold below 28650 with stop loss above 28780 for targeting 28450-28300-28050 and more down side might be appropriate.

·         In alternative scenario selling below 28200 with stop loss above 28330 for targeting 28050-27900 and more down side might be appropriate.

·         Buying above 28800 with stop loss below 28700 for targeting 29100-29200 and more upside might be appropriate. 

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