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Gold outlook on basis on moving averages 19.11.2014

There are two moving averages popular in market. Moving averages are the Simple Moving Average (SMA) and the Exponential Moving Average (EMA). It is a lagging indicator that is support you to find the trend.

Gold traders can trade on single moving average or multi moving average.

Gold December contract on MCX inched 266 rupees up to settle at 26596. Gold has traded with bullish note and headed a high of 26774. Selling pressure appeared near 50 days SMA that stands near 26722 and metal declined sharply after hitting 27774 levels. Today support would be at 26300 failure of this level is less likely in case of stability below this level retest to 26000-25800 zones can’t be ruled out. Resistance is now seen near 26800 any sustained move above that level would help this metal to witness a rally towards 27000-27100 zones. Areas of 27340-370 are expected to remain key bearish reversal zones.

Gold trading range for the day is expected among the key support at 26300 and resistance at 27300.

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