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Gold trading at 4 month low

Gold price trading on Monday near 4-month low On US stimulus worries and fund outflows.

Gold December contract on MCX inched 426 rupees up to settle at 29848. Near term trend damage has been inflected with a failure of 29900 zones which is also confirmed by closing below the same support level. Today price objective for bears would be 29800 and then at 29700 any sustained move below 29800 would bring 29720 on cards and failure of 29700 would result in a decline towards 29550-250 zones. Resistance is now seen near 30100 and then at 30500 any sustained move above that level would bring more charm in this commodity and then we may see a rally towards 30700 and more upside.

Trading range for the day is expected among the key support at 29800 and resistance at 30000.

Recommendation:

* Today again selling gold on jumps around 30000-30100 with stop loss above 30300 for targeting 29700-29500 and more down side might be appropriate.

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