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Gold Technical Outlook for the day

Yesterday MCX Gold February contract closed at 27535 changed by 131 points. Today in lower side support will be near 27400, if it will sustain below this level then further downside levels are 27200-27000 areas. Selling should avoid till it is stable above 27400 there is a chance for a small bounce back. In the upper side gold resistance is near 27700 and then 27800, not much big move till. Stability above 27800 then in upper side level will open the door for the target of 28000-28200 areas.
The trading range for the day is expected among the key support at 27470 and resistance at 27681.
The trend is in down side but the Oscillators are in the extremely oversold area, in price Hammer is at the bottom which means a lot. Price may bounce till Hammer low is safe. Traders should look for buying opportunity in the dip or above resistance instead of selling.
The recommendation is just for learning the purpose, don't trade on it.
Join NIFM-Technical Analysis Course to know the depth of the technical charts.
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