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02 Feb 17 Gold Room for further upside

The MCX Gold contract has seen a sharp reversal from the low of Rs.26,800. The stock has broken above Rs.28,891 - thereby confirming higher top, higher bottom pattern. Also, the MCX Gold contract has found support at the 20DMA and 40 DMA, and has started rising - indicating continuation of the uptrend. It is likely to test the upper end of the channel in the coming trading sessions. On the way up, the zone of Rs.29,250-29,420 will act as a resistance in the near term. On the way down, the zone of Rs.28,450-28,250 will act as a support
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