Technical Comment For The Day: Gold 07-Feb-2014


MCX Gold contract showed marginal recovery and settled at Rs 28650 per 10 grams, down 0.23%. The high Rs 28940 and 28625 per 10 grams was seen in Gold. This range is expected to get the respect in today’s session as well. Gold is likely to see some ease in selling pressure in coming days as the volumes in last few days have turned lower. A level of Rs 28400 is very important for Gold to hold unto. Breaking this level will mean a corrective wave that can take the prices towards Rs 28050 per 10 grams. A failure on that front would mean long term trend reversal due to breach of triple bottom formation. COMEX Gold was up $ 1.9 per troy ounce at $ 1259.1 per troy ounce.