Gold August contract on MCX inched 257 rupees up to settle at 26330. Gold traded in the counter direction of the preceding trend and settled above its 10 days SMA. Today price objective for bulls would be 26360 any sustained move above that level would bring a retest to 20 days SMA that stands near 26450. Support is now seen near 25950 any sustained move below that level would bring more weakness and then we may see a decline towards 25850 and more down side.
Gold trading range for the day is expected among the key support at 25950 and resistance at 26400.
Â· Today buying gold on declines around 26200-26180 with stop loss below 26050 for targeting 26300-26400-26500 and more upside might be appropriate.
Â· In alternative scenario buying above 26360 with stop loss below 26250 for targeting 26450 and more upside might be appropriate.In another scenario selling below 25950 with stop loss above 26100 for targeting 25850-25750 and more down side.
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