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Gold Technical Outlook 26.08.2014

Gold October contract on MCX inched 42 rupees up to settle at 27771. Gold traded in narrow range and could not form either sigh breakout to confirm a clear move. Today price objective for bears would be 27700 any move below that would bring 27550-27350. Stability above 27700 remains supportive for bulls and any move above 27900 would call for a rally towards 28050-28200 zones.

Gold trading range for the day is expected among the key support at 27700 and resistance at 28450.

Recommendation:

·         Selling below 27700 with stop loss above 27800 for targeting 27600-500 and more down side might be appropriate.

·         Buying above 27900 with stop loss below 27770 for targeting 28000-28100 and more upside might be appropriate.

·         Buying can be taken on declines around 27450-350 with stop loss below 27250 for targeting 27700 and more. 

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