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Today\'s Gold Technical Outlook 08.05.2014

Gold June contract on MCX inched 367 rupees down to settle at 28520. Gold remained under 50 days SMA and nice selling pressure seen in this commodity along with bearish cross on stochastic indictor. MACD is already below zero line favoring bears in this commodity. Today price objective for bulls would be 29040 and any cross with closing above that level would bring more charm and then commodity will try heading towards 29200-29500 zones. Stability below 29000 on closing basis remains bearish for this counter and failure of 28400 would result in a decline towards 28075 and 27800 zones. Key support would remain at 27770 any failure with closing below that level would bring 27200 on cards.

Gold trading range for the day is expected among the key support at 28500 and resistance at 29000.

Recommendation:

Today selling gold on jumps around 28800-28900 with stop loss above 29040 (closing basis) for targeting 28100-27800 and more down side might be appropriate in short term.

In alternative scenario selling below 28500 with stop loss above 28700 for targeting 28400-28200-28050 and more down side might be appropriate. 

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