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Technical Report on Gold for Friday trading

Gold futures on friday trading slightly negative as investors cautions ahead as U.S. Jobs data may make for a volatile session.

Gold February contract on MCX inched 389 rupees lower to settle at 29205. Gold could not breach any side range and traded well in the range of previous session. Today price objective for gold bears would be 28953 any sustained move below that level would call for a retest to 28700 and more down side. Resistance is now seen near 29523 and then at 29633 any sustained move above 29633 would call for a rally towards 29800 and more upside.

Trading range for the day is expected among the key support at 28500 and resistance at 30100.

Recommendation:

* Today selling gold below 28900 with stop loss above 29100 for targeting 28700-28600 and more down side might be appropriate.

* In alternative scenario buying can be taken above 29530 with stop loss below 29400 for targeting 29800 and more upside.

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