Technical Comment For The Day: Gold 25-Feb-2014

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Gold Silver Neal Bhai.Buyers for Gold once again popped up from levels where it seemed that prices can see some more squeeze. Incidentally, the volumes are lower so it is difficult to predict till when the prices will manage to move towards higher levels. Active resistances of Rs 30250 and 30320 is in place for Gold, and it will require some build up in open interest to breach that level. On the lower side, Rs 29800 still remains a supportive zone after last night. The MCX Gold April expiry futures ended at Rs 30120 per 10 grams, up 0.77%. RSI has reached 70 and if Gold manages to reach the initial resistances it is expected to come in a overbought region soon.