Gold in short-term we can expect rise in the futures contract traded on the Multi Commodity Exchange (MCX) seems to be on the fresh upside move. The contract is showing breakout as the prices are trading above 27050 Rs/10 gm just crossing the 50% resistance level, where as the support is seen at 26860 Rs/10 gm which is 38.2% retracement of point B to Point C.
After testing the lower level of 26350 at point C prices has reverted from the lower level and in the past few trading session is trading in the range where on higher side it is failing to cross 27080 level and on lower side support is seen at 26800 Rs/10 gm. Once the resistance level of 27080 is crossed prices will rise to test 273750 Rs/10 gm immediately. A fresh rally to test the next resistance at 27375 looks likely in the coming days. A strong break above this hurdle can take the contract further higher to the next target of 27680 Rs/10 gm.
Short-term traders can trade with support of 26860 and can look forward for the target of 27375 and 27700 levels.
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