Technical Comment For The Day: Gold 14-Feb-2014

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gsr-01MCX Gold contract ended in green on Thursday. The prices tested a high of Rs 29218 per 10 grams before settling at Rs 29184 per 10 grams. The session on Thursday showed a gain in Open interest indicating that traders are interested in taking long positions in Gold. MCX Gold contract is looking strong to test Rs 29400 per 10 grams. Supports for the contract are at Rs 29050 per 10 grams. As per the Fibonacci retracement level the 23.6% retracement zone is at Rs 29430 per 10 grams. Meanwhile, the 50% pull back level is at Rs 28962 per 10 grams. COMEX Gold April expiry contract is at $ 1304.7 per troy ounce, up $ 4.7 per troy ounce.