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Gold technical view 05.06.2014

Gold August contract on MCX inched 37 rupees up to settle at 25857. Gold is forming a good base around 25700 zones and headed an intraday high of 25949 but could not climb above key resistance and psychological level of 26000. Today price objective for bears would be 25800 any failure of that level would trigger some weakness and then commodity will try heading towards 25700-25600 zones. Key support would remain at 25600 and any failure of that level would result in a decline towards 25400-25300 zones. Resistance is seen at 26000-26050 zones any sustained move above these levels would bring 26200 and more upside.

Gold trading range for the day is expected among the key support at 25680 and resistance at 25900.

Recommendation:

·         Buying/staying long above 26000 with stop loss below 25780 for targeting 26050-26140 and more upside might be appropriate.

·         Selling below 25680 with stop loss above 25800 for targeting 25610-25450 and more down side might be appropriate. 

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