Mtechtips GOLD MCX intraday trading analysis 08-10-2012

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Mtechtips GOLD MCX  intraday trading analysis 08-10-2012

Mcx gold dec expiry future is now active contract for trading as oct future expired. on last trading closed at 31,178 with gains of +0.25%.on daily chart gold is maintained its short term uptrend as closed above 3 month average and weekly average in last 2 sessions.on upside now 31,400 is monthly average resistance. we are bullish on gold and we have long positions in gold futures.for long positions stoploss must be below 3 month average of 30,900 on closing basis. as gold future given 1/3 correction of rally,which is considered as healthy correction and if prices hold here there is much more probability that in upcoming time mcx gold future may break recent high of 32,300. we are bullish on comex gold also and above 1810 we will see 1900 and 2030 as target levels with medium term view.