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Gold steady on thrusday finding some support.

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 can’t be completely ruled out.

Trading range for the day is expected among the key support at 29500 and resistance at 30500.

Recommendation:

* 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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