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Gold Technical Report 11.12.2013

Gold February contract on MCX inched 418 rupees up to settle at 29535. Gold witnessed a nice rally yesterday as we were expecting and commodity settled well nearer immediate resistance of 29600. Metal also settled well above 50 days SMA line. Today price objective for bears would be 29240 and then at 29150 any sustained move below 29150 may trigger some weakness in this commodity and then attempt to 28800 zones can’t be ruled out. Resistance is now seen near 29575 and then at 29640 any sustained move above 29640 would call for a rally towards 29800-30000 zones.

Trading range for the day is expected among the key support at 29100and resistance at 29700.

Recommendation:

* Today buying gold on declines around 29350-29280 with stop loss below 29180 for targeting 29600-29800 and more upside might be appropriate in short term.

* In alternative scenario buying above 29640 with stop loss below 29500 for targeting 29800 and more upside might be appropriate.

* Selling can be taken below 28800 with stop loss above 28940 for targeting 28720-28550 and more down side might be appropriate. 

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