Technical Comment For The Day: Gold 12-Feb-2014

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gsr-01MCX Gold contract recovered and get settled at Rs 29104 per 10 grams, up 0.58%. The benchmark contract tested a high of Rs 29174 per 10 grams and a low of Rs 28980 per 10 grams. This range is expected to get the respect in today’s session as well. Gold is likely to recover in future as open interest has seen a rise in last three days. A level of Rs 29400 is very important for Gold to hold unto. Breaking this level will mean a rising wave that can take the prices towards Rs 29900 per 10 grams. Support for Gold contract is at Rs 28900. A failure on that front would mean long term trend reversal due to breach of triple bottom formation. COMEX Gold was down by $ 3.8 per troy ounce at $ 1286 per troy ounce when last checked.