Geojit Comtrade has come out with its report on gold. According to the research firm, MCX Gold has resistance at Rs 28740/28820.
Spot gold regained strength in heavy trading, on concerns of a war like situation in Russia and Ukraine that escalated gold's safe haven appeal. Sanctions imposed by Western countries over Moscow and reports that Russia had massed around 20,000 combat-ready troops on Ukraine's border lifted prices towards a one week high. Earlier, strong dollar and upbeat US economic releases dragged gold to a multi week low of $1280 an ounce. A strong dollar and a weak euro offered additional burden to the commodity. The dollar index is hovering near 11 month high, while the euro was arrested at the weakest level since November. Meanwhile, demand for physical gold from the top consumers, China and India is lackluster. Due to the summer and expectations of further dip in prices Chinese local gold prices dropped with a premium over international market struck between $2-3 an ounce. Indian demand is also quiet due to seasonality and weak monsoon outlook. Investment demand is also moderate with the holdings of SPDR Gold Trust, the world's largest gold-backed exchange traded fund, dropping below $800 tonnes on Wednesday. However, looking ahead, upcoming US jobless claims data and the European Central Bank's announcement of monetary policy will probably guide the direction of the yellow metal in the imminent future.
The sharp recovery witnessed in the previous session raised a positive outlook in the counter but, inability to break the strong obstacle of $1312 is raising questions over room for further rallies. Even though the enduring chart formation is supportive to lift prices higher, a convincing break above $1312 is required to extend the momentum towards $1321/1332 levels. However, a direct rise above $1345 is mandatory to reverse the prevailing broad bearish sentiments. The Bollinger Bands, 200 days moving averages and MACD indicators are supportive for looming upside in the counter. Yet, an unexpected dip below $1280 would attract more bears into the counter and could take prices into strong bear camp.
Trading strategies:
Key levels for the day: Downside Immediate: 1301/1292/1280/1268/1238/1228/1220/1180 followed by 1080
Upside Immediate: 1312/1321/1332/1345/1354/1382/1428 and 1485
Buy a direct rise above 1312 target 1324 SL below 1308
Buy above 1332 target 1345 SL 4below 1321
Buy above 1345 target 1353/1382 SL below 1320
Sell if unable to break 1332, target 1321 SL 1345
Sell below 1301 target 1280 SL above 1312
Sell below 1280 target 1264 SL above 1292
Expect an initial downside correction followed by a strong recovery.
MCX Gold Aug:
While prices stay above 28200 liklely to continue the positive bias towards 28740 initially, which if cleared would extend the momentum towards 29200 later. An unexpected drop below 27950 is likely to dent the bullish outlook in the immediate run.
Resistances are 28740/28820/29050 then 29250. Supports are 27950/27760/27350/27080/followed by 26700. NCDEX Gold Hedge: Resistance at 26000/200/26800 Support at 25480.
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