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Gold bounce back on monday after US Data.

Gold futures bounce back yesterday after Negative data from US. Pending home sales data came negative on Monday. 

Gold December contract on MCX inched 323 rupees up to settle at 30171. Areas of 50 days SMA are serving very strong support zones for gold bulls and metal jumped nicely after hitting intraday low of 29615 yesterday. Today price objective for bulls would be 30250 and then at 30320 any sustained move above 30300 would bring retest to 30450 zones. Key resistance would remain at 30500 and sustained move above that would bring a rally towards 30700 and more upside. Support is now seen near 29900 and then at 29600 any sustained move below 29600 would result in a decline towards 29300-29000 zones.

Trading range for the day is expected among the key support at 28280 and resistance at 35100.

Recommendation:

· Today buying gold above 30320 with stop loss below 30150 for targeting 30450-30600 and more upside.

· Selling gold below 29800 with stop loss above 30000 for targeting 29620-29500 and more down side.

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