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Gold Technical Outlook for day traders

MCX Gold June contract closed at 28665 changed by 0.72 % from yesterday close. Gold tried recovering after the gap down opening but failed to hold above 50 days EMA and witnessed nice decline to settle near day’s low. It is a good sign for sellers. Today support will be at 28600-570 areas for day trading, but stability below 28570 will result in a retest to 28350-28200 areas for the next supportive area. In the other side, Resistance is now seen near 28900, if retest to this level and stability above 28900 needed to confirm a move towards 29100-29200 areas.

The trading range for the day is expected among the key support at 28570 and resistance at 289000.

Recommendation:

  • Today selling gold on jumps around resistance area will be good.
  • In alternative scenario selling below supportive will be a good option for the day trader.

NOTE: The blog is written for the educational purpose. Trading on recommendation is not our responsibility, Learn before trading, Join NIFM- 99103 00590

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