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GOLD REPORT

In comex technically, December gold futures prices closed near the session low Tuesday and hit a four week low. The gold market bears have the near-term technical advantage. The gold bulls’ 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 the October low of $1,251.00. First resistance is seen at this week’s high of $1,288.80 and then at $1,300.00. First support is seen at Tuesday’s low of $1,272.30 and then at $1,260.00.

 

MCX Gold December contract on MCX inched 268 rupees up to settle at 30411. Gold closed well above 10-20-50 days SMA lines indicating some aggressiveness by bulls. 10 and 20 days SMA are getting ready for a bullish cross above 50 weeks SMA and would trigger more bullishness in this counter. MACD is hovering near zero line and is neutral for this metal. Stochastic has given a bullish cross before oversold territory indicating range zone shift in this commodity. Immediate support is now placed near 30200 any sustained move below this level would trigger a retest to 30050 zones. Areas of 30000 are crucial support zones and any failure below this level may open down side range for a retest to 29850-800 zones. Key support remains at 29700 on daily closing basis. Resistance is now seen near 30450 and then at 30500 any sustained move above 30500 would open the doors for a retest to 30700-30900 zones.

 

Trading range for the day is expected among the key support at 29950 and resistance at 30550.

 

Recommendation:

# Buying gold above 30450 stop loss below 30270 for target 30600-30800.

# Sell gold below 30100 with stop loss 30300 for targeting 29950-29800.

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