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Gold technical view for intraday 24.07.2014

Gold August contract on MCX inched 13 rupees down to settle at 27882. Gold is getting good support near 27800 zones where 10 days SMA stands. MACD is crossing signal line from upwards indicating weakening upside momentum. Stochastic is also negatively biased and supports weakness below 27800 zones. Today price objective for bears would be 27800 any move below this level would bring 27700-27600 on cards. Key support would remain at 27500 and failure of that level would bring 27350 on cards. Resistance is now seen near 28000 any move above this level would bring an attempt towards 28200 and more upside. Key resistance would remain at 28600 zones.

Gold trading range for the day is expected among the key support at 27700 and resistance at 28000.

Recommendation:

·         Today selling gold below 27850 with stop loss above 27960 for targeting 27720-570 and more down side might be appropriate.

·         In alternative scenario buying above 28000 with stop loss below 27880 for targeting 28200-28370 and more upside might be appropriate. 

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