Tuesday 22 October 2013

Daily Gold Outlook

The MCX Gold December futures has bounced back smartly after testing support around the 200-DMA at Rs 28,350-odd levels.

The MCX Gold has now jumped above the 20-DMA at Rs 28,570-odd levels.

Key momentum oscillators like the 14-day RSI, MACD and the Stochastic Slow are all in favour of the bulls.

In the near term, MCX Gold is likely to trade with a positive bias as long as the yellow metal trades above Rs 29,350-odd levels.

On the upside, Gold can surge to Rs 30,700-odd levels.

Click Here for the daily support and resistance levels.

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