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Gold Short term View for traders

Gold June contract on MCX inched 65 rupees up to settle at 28979. Gold headed a high of 29020 but fails to hold above psychological level. Stochastic approaching overbought territory indicates aggressive buying pressure. Metal also forming a double top near 29000 on 1 month time frame may keep traders in a state of indecision. Technically metal closed with Star candlestick formation which indicates that market is waiting for some fundamental news. Today price objective for bulls would be 29020 any sustained move above that level would bring an attempt towards 29200 and more upside. Support is now placed near 28860 any sustained move below this level would call for an intraday retest to 28730-28550 and more down side. Overall support remains at 28200 and penetration of that level would bring 27800-27400 and more down side.

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

Recommendation:

·         Today buying gold above 29000 with stop loss below 28870 for targeting 29200 and more upside might be appropriate.

·         Selling below 28860 with stop loss above 28980 for targeting 28730-640-530 and more down side might be appropriate. 

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