Technically, December gold futures prices closed near mid-range. The gold market bulls and bears are still on a level near-term technical playing field. The gold bullsâ€™ next upside near-term price breakout objective is to produce a close above solid technical resistance at the October high of $1,361.80. Bears\' next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at Mondayâ€™s high of $1,322.50 and then at Fridayâ€™s high of $1,327.30. First support is seen at Mondayâ€™s low of $1,310.80 and then at last weekâ€™s low of $1,305.60.
Gold December contract on MCX inched 50 rupees lower to settle at 29821.
Metal is getting good support near 20 days SMA line which stands near 29660 zones. Stability above 29660 remains bullish for this commodity and any sustained move above 29930-940 zones would call for a retest to 30030-30100-30200 zones. Key resistance would remain at 30200 and any sustained move above that level may witness rally towards 30400-30700 and more upside. Support is now seen near 29780 and then at 29600 any closing below 29600 zones would trigger more weakness in this commodity and then we may see a retest to 29300-29200 zones.
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