Technical Comment For The Day: Gold 13-Feb-2014

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MCX Gold contract ended sideways on Wednesday. The prices tested a low of Rs 29006 per 10 grams, before settling at Rs 29132 per 10 grams. The high of Rs 29160 per 10 grams was noted in Gold. Immediate Resistance for Gold is at Rs 29255 per 10 grams. Supports for the contract are at Rs 29000 per 10 grams. RSI for Gold is at 52, indicating a further bounce is possible from supports. Open interest remained stable at 10000 contracts from last one week. However, the volumes showed a decline towards 12000 kgs.