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Gold Technical Outlook 30.05.2014

Gold June contract on MCX inched 4 rupees down to settle at 26830. Gold headed an intraday low of 26560 in yesterdays session and then recovered nicely to settle with a dragon fly doji candlestick pattern. Stochastic is already producing oversold reading that and preventing bears to remain aggressive in this metal. today price objective for bears would be 26560 failure of this level would bring 26400-26300 on cards and those levels may act as strong support and may help this commodity to reverse the trend on temporary basis. Resistance is now seen near 27000 any sustained move above this level may bring retest to 27150-27300 zones but key resistance would remain at 27550.

Trading range for the day is expected among the key support at 26700 and resistance at 27000.

Recommendation:

·         Today again selling gold on jumps around 26850-900 with stop loss above 27030 for targeting 26700-26600-26400 and more down side might be appropriate in short term.

·         Buying above 27000 with stop loss below 26900 for targeting 27100-27200 and more upside might be appropriate for intraday.

·         In alternative scenario selling below 26700 with stop loss above 26800 for targeting 26600-26500-26400 and more down side might be appropriate. 

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