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Gold may trap sellers once again


Sign of potential harmonic structure has been seen on 240 min chart of mcx gold, which completes at 29256. Gold made low of 29225 and currently trading at 29283 and nice buying interest seen near expected support of 29250 zones. Stochastic with overbought reading also suggesting a recovery from these levels.  

Supports: 29200-29100-28900
Resistances: 29450-29750-30150

Recommendation:  buying gold around 29250-200 for targeting 29430-29650 with stop loss below 29103 might be appropriate. 
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