Technical Comment For the Day: Gold

Gold.......

MCX Gold settled at Rs 26347 per 10 grams, down Rs 122 per kg. The prices are very close to their 100 day EMA which is at Rs 26338 per 10 grams. The prices tested a high of Rs 26798 per 10 grams, while a low of Rs 26240 per 10 grams was tested. Fibonacci retracements set from Rs 28000, hit on 20 June 2013, show that a 38 percent retracement level is active at Rs 26040 per 10 grams. The volumes in the contract increased as the prices settled down. Total volumes were 33762 kgs on Wednesday, against 24948 a day before. However, International chart patterns suggest that COMEX Gold is well supported at $ 1270 per troy ounce. Gold can garner supports near Rs 26100-26200 per 10 grams.
TRADING STRATEGY: BUY Around Rs 26200-26250, TARGET 26600 SL 26120
Source by Commodity Insights