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Gold Technical Outlook 03.07.2014

Gold August contract on MCX inched 83 rupees down to settle at 27663. Gold traded with negative note and recovered nicely after hitting an intraday low 27532. Areas of 27450 remained unbroken for another day. Toda again price objective for bears would be 27532 and then at 27450 any sustained move below that level would bring more weakness and then we may see 27300-27200 on cards. Resistance is now seen near 27800 and then at 27970. Any recovery above 27800 would bring some recovery and then we may see 27950-28050 and more upside.

Trading range for the day is expected among the key support at 27530 and resistance at 27820.

Recommendation:

·         Today again selling gold around 27660-720 with stop loss above 27820 for targeting 27550-27450-27350 and more down side might be appropriate.

·         Buying above 27820 with stop loss below 27700 for targeting 27940-28050 and more upside might be appropriate.

·         In alternative scenario selling below 27530 with stop loss above 27650 for targeting 27400-27300 and more down side might be appropriate. 

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