Gold December contract on MCX inched 138 rupees lower to settle at 29995.
Gold market place is fully in state of hesitation and fluctuating in a range among 29600-30500. Today price objective for bulls would be 30266 and then at 30500 any sustained move above 30500 would bring some charm in this commodity and would open the doors for a retest to 31000-31300 zones. Support is now seen near 29850
and then at 29600 any move below 29850 would bring 29720-650 on cards. Failure and stability below 29600 would open new zone for this metal and then retest to 29300 and more down side canâ€™t be completely ruled out.
Trading range for the day is expected among the key support at 29500 and resistance at 30500.
* Today buying gold above 30270 with stop loss below 30100 for targeting 30400-470 and more upside.
* Selling gold below 29850 with stop loss above 30000 for targeting 29740-650 and more down side.
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