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Technical Analysis
Gold Technical Outlook (Spinning top pattern) 23.06.2014
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23-Jun-14 02:23PM
Gold August contract on MCX inched 57 rupees up to settle at 27668. Gold traded with narrow range for the day and settled with a spinning top candlestick pattern that indicates a state of indecision among bulls and bears. Today Support would remain at 27460 and stability above that level would remain bullish for this commodity and sustained move above 27820 would bring 28100-28300 on cards. Any failure of 27450 would bring some price weakness and then commodity may try heading towards 27000-26800 zones during a small corrective phase.
Gold trading range for the day is expected among the key support at 27400 and resistance at 27820.
Recommendation:
· Today buying gold above 27820 with stop loss below 27650 for targeting 27970-28100 and more upside might be appropriate.
· Selling below 27450 with stop loss above 27600 for targeting 27350-27200 and more down side might be appropriate.
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