Technical Comment For The Day: Gold 26-Feb-2014

0  neal bhaiFor the third day in a row Gold managed to end the trades in green. The prices on MCX platform settled at Rs 30240 per kg, up 0.40%. The high for Gold was at Rs 30267 per 10 grams, while the low was at Rs 30035 per 10 grams. Active resistances of Rs 30450 and 30500 is in place for Gold, and it will require further build up in open interest to breach that level. The session last night can be treated as an indicator for some more rally in Gold. Open interest in last session was at contract highs and moved beyond 11000. Initially, some selling pressure is expected in Gold near resistance levels. Afterwards, a long term Bull Run can start in Gold if it manages to stay near to Rs 30450-500 levels.