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Gold Technical Outlook for Intraday 12.08.2014

Gold October contract on MCX inched 29 rupees up to settle at 28633. Gold traded in narrow range and then settled with positive note. Today resistance would be 28700 and any sustained move above this level would bring 28800-29000. Areas of 29200 will remain crucial to watch and any sustained move above those levels would call for more upside. Support is now seen near 28500 any failure below this level would bring 28400-28300. Key support would remain at 28300 and failure of this level may bring 28000 and more down side.

Gold trading range for the day is expected among the key support at 28500 and resistance at 28700.

Recommendation:

·         Today again buying gold around 28620-580 with stop loss below 28500 for targeting 28800-29000 and more upside might be appropriate.

·         Selling gold below 28500 with stop loss above 28602 for targeting 28400-28300-150 and more down side.

·         In alternative scenario buying can be taken above 28700 with stop loss below 28580 for targeting 28800-900 and more. 

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