MTECHTIPS

MTECHTIPS:-GOLD

Gold sustained above the 29000 levels and gained sharply, but failed to hold on to the gains but closed around 29000. MCX Gold will face strong resistance above the 29200 levels for the session ahead and holding above will open up 29400 levels. On the other hand gold has strong support below 28800 levels and any dip below will test the support of 28500. Gold sustaining at current levels will be positive signal and for a further upside the commodity should consolidate above 29000 levels.MCX gold future now trading at 29,060 with gains of 0.25%.here only rupee is factor supporting gold price and today as rupee at its low gold comes it high point levels.for tomorrow we suggested short side with stoploss of 29,200 and we will see expect 28,800 and below levels.on 30 min chart,RSI given sell signal.