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GOLD VIEW

Gold December contract on MCX inched 612 rupees down to settle at 30146. Nice profit taking seen in gold and nicely declined after hitting 50 days SMA line. Metal is now testing 10 days SMA which stands near 30000 levels. Today further stability below this level would bring a retest to 20 days SMA which stands around 29600 zones. Immediate support is now seen near 30100 and then at 29900 any failure below 29900 would bring 29600-29500 on cards. Resistance is now seen near 30500 and then at 31000 any sustained move above 31000 would signal more bullishness and then commodity may try resuming preceding bullish move.

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