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Gold technical view 14.10.2014

MCX GOLD Dec contract inched 8 rupees up to close at 26964. Gold failed to register close above key resistance of 27200 and settled well under 27000 zones. Today price objective for bulls would be 27050 and then 27250 any sustained move above 27250 would bring more charm and then gold will try moving towards 27360-27450 zones. Support is now seen near 26940 any failure of this level would open the doors for a retest to 26850 zones. Key support would remain at 26830 and failure of that level would bring 26680 and more down side.

Gold trading range of the day is expected among the key support at 26830 and resistance at 29100.

Recommendation:

·         Today again buying gold around 26940-900 with strict stop loss below 26840 for targeting 27230-27400 and more upside might be appropriate.

·         In alternative scenario buying above 27100 with stop loss below 26940 for targeting 27230-27400 and more upside.

·         Selling below 26830 with stop loss above 26950 for targeting 26720-26630-26540 and more down side might be appropriate. 

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