Gold December contract on MCX inched 172 rupees up to settle at 30734. Metal
is now hovering near 50 days SMA line which may act as resistance and may halt
current rally. Immediate resistance is now seen near 30824-30900 zones. Any
closing above that level would bring more charm in this commodity and then rally
may extend towards 31400-32000 zones. Support is now seen near 30650 and then
at 30400 any sustained move below 30400 may bring some negative impact on this
commodity and then we may see a partial profit taking that may drag it down towards
Trading range for the day is expected among the key support at 28280 and
resistance at 35100.
ï‚· Buying gold on declines around 30670-630 with stop loss below 30500 for
targeting 30800-31000 and more upside might be appropriate.
ï‚· In alternative scenario buying gold above 30830 with stop loss below 30700
for targeting 31000 and more upside.
ï‚· Selling can be taken below 30400 with stop loss above 30550 for targeting
30300-3200 and more down side.
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