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Gold Daily Outlook 04.09.2014

Gold October contract on MCX inched 16 rupees up to settle at 27570. Gold had traded with negative bias and then nicely recovered from the key support of 27350 as we mentioned in our report. Gold has settled with a dragon fly doji candlestick pattern that is considered a bullish reversal pattern and appearance of this pattern near key support zones hints a possible price reversal. Today support would be 27350 any move below that level would bring more weakness and then retest to 27200-27050 zones can not be ruled out. Resistance is now seen near 27639 and any sustained move above that level would bring more charm and then a rally towards 27800 and more upside can not be ruled out.

Gold trading range for the day is expected among the key support at 27350 and resistance at 27625.

Recommendation:

  • Today buying gold above 27640 with stop loss below 27550 for targeting 27740-850 and more upside might be appropriate.
  • Selling below 27350 with stop loss above 27450 for targeting 27220-27080 and more down side might be appropriate. 

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