Technical Report for the day: Gold

gold_30Predicting a buy and sell call in MCX Gold on the basis of intraday charts is getting risky.

There has been no clear trend in last one week with prices moving up and then correcting from highs. The Monday’s session saw gold appreciating by 0.56 per cent.

The prices settled at Rs 29,117 per 10 grams, up Rs 163. Meanwhile, the short term cap of Rs 29,500 and a floor of Rs 28,700 are intact.

Gold has actually been a parallel trajectory as the trend line on the upside at Rs 29700 and 29900 and lower side at Rs 28,700 has not been broken.

COMEX Gold was jostling with losses when last checked. The February futures were down by $ 7.2 per troy ounce at $ 1241.4 per troy ounce.

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