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Gold short term outlook 19.08.2014
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19 August, 2014, 1:53 PM
Gold October contract on MCX inched 319 rupees down to settle at 28295. Gold opened with a gap and traded with negative bias. Commodity has settled below its 10 days SMA and now getting support at 20 weeks SMA that stands near 28218. Stochastic is also negatively biased. Today price objective for bears would be 28250 and then 28200 any sustained move below that level would bring more weakness and then a retest to 50 days SMA that stands near 27735 may take place. Resistance is now seen near 28510 any sustained move above this level would bring 28600-28700. Key resistance would remain at 29100.
Gold trading range for the day is expected among the key support at 28200 and resistance at 28510.
Recommendation:
Today again selling gold on jumps around 28400-28430 with stop loss above 28510 for targeting 28300-28200-28100 and more down side.
In alternative scenario selling below 28200 with stop loss above 28300 for targeting 28100-28000-27900 and more down side.
Buying above 28510 with stop loss below 28400 for targeting 28600-700 and more upside might be appropriate.
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