Gold demand fell down by 21 % in the third quarter as outflows from physical bullion funds and less demand from major consumer India as industrial report showed on Thursday. The demand slide is likely to slow in the fourth quarter according to the WGC.
Gold December contract on MCX inched 354 rupees down to settle at 30057. Gold settled near 50 days SMA but still getting good support near 50 days SMA. Support is now seen near 29970 and then at 29700 any sustained move below 29970 would bring more down side 29800-29750 zones. Key support will remain at 29700-29600 zones and any failure below those levels would trigger more down side and then we may see a retest to 29300 and more down side Resistance is now seen near 30200 and then at 30300 any sustained move above 30300 would bring more charm and then attempt towards 30400-30500 may take place. Key resistance would remain at 30500 and any cross above that level would result in a retest to 30700-30900 zones.
*Selling gold below 29950 with stop loss above 30150 for targeting 29830 and more down side.
*Buying gold above 30150 with stop loss below 30970 for targeting 30300-30400 and more upside
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