Gold December contract on MCX inched 343 rupees up to settle at 30035. Gold jumped nicely after 3 days pause and settled back above 20 days SMA. Stability above 29600 zones remains bullish for this counter. Today price objective for bulls would be 30100 and then at 30200 any closing above 30200 would bring more charm in this commodity and then we may see a retest to 30500-30800 zones.
Support is now seen near 29900 and then at 29600 any sustained move below 29600 may trigger more weakness and then we may see a decline towards 29300 and more down side.
Trading range for the day is expected among the key support at 28280 and resistance at 35100.
Recommendation: all targets reached nicely in suggested buy scenario above 29840 which was â€˜â€™Today buying gold above 29840 with stop loss below 29720 for targeting 29900-30000 and more upsideâ€™â€™.
* Buying gold on dips around 29820-29760 with stop loss below 29600 for targeting 30100-30200 and more upside.
* In alternative scenario buying above 30100 with stop loss below 29930 for targeting 30300 and more upside.
* Selling below 29600 with stop loss above 29750 for targeting 29500-29400-29300 and more down side might be appropriate.
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