Gold staged a 30 dollar bounce off of yesterday’s lows to 925 earlier in the session, but drifted back to 914 in the afternoon. Despite the bounce, the overall price action is bearish while we remain below 935. Downside support is seen at 888 - the 200 day moving average and 76.4% retrenchment. Now support for the gold MCX is seen at 12484 and below could see a test of 12350. Resistance is now likely to be seen at 12738, a move above could see prices testing 12858.
Trading Ideas:
TRADING RANGE IS 12350-12858.
SELL GOLD OCT @ 12700-720 SL 12748 TGT 12670-635-611-570. MCX
BUY GOLD OCT @ 12540-560 SL 12515 TGT 12590-12615-12680. MCX
GOLD BELOW 904$ LOOKS WEAK AND BEARISH RANGE IS 900-918$
MCXARUN
9994500540
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