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Gold daily technical outlook

Gold February contract on MCX inched 1 rupee DOWN to settle at 26800. Today again support would be at 26700-26650 any move below that level would bring 26500-26350. Key support remains at 26250. Resistance is now seen near 26900 and 27130 any sustained move above that level would bring 27250-27400. Key resistance remains at 27450-650 zones and decisive closing above those levels would call for 28000-28300.

Gold trading range for the day is expected among the key support at 26650 and resistance at 26900.

Recommendation:

·        Buying on declines around 26800-26750 sl below 26650 trgt 27000-27200-27400-27700.

·         Buying above 26900 sl below 26770 trgt 27100-27300-27500.

·         Selling below 26650 sl above 26800 trgt 26550-26400. 

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