MCX Gold Dec CMP— Rs 26768.00
Technical Outlook & Trading Strategy:-
After the sharp correction from the all time highs of Rs 28744 levels, the price of Gold have been rading in an extremely narrow range over the past 2-3 weeks of trade. But the prices have been taking support at its key moving average clusters on every correction. It has also closed at its 34 day EMA during the previous session. We believe that a sustained break above the Rs 26800 levels will see the price of gold breaking out of this trading range and thus test levels of Rs 26950 / Rs 27140 levels.
We recommend traders to take long positions above Rs 26800 levels with a stop loss placed below Rs 26663 levels for upside targets of mentioned above.
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