More Juice Left In Gold ?

Gold on mcx witnessed nice decline on Friday and headed an intraday low of 26681 and took support near Fibonacci price cluster that stands 26660-720 zones. Areas of 26660 are also supported by a rising trend line and oversold reading on stochastic indicators keeps chances alive for a potential recovery from 26700 zones. Today gold has opened with an upside gap and maintaining itself above previous closing price which is also a positive factor for this commodity. In past we have seen nice recovery from 26700 during bearish attempts and long legged candlesticks near that level hints a strong demand zone around these areas. We are expecting uptrend to remain intact until gold holds below 26660 zones decisively and attempts towards 27100-27300 and more upside can’t be ruled out. Any closing above 27500 would help this commodity to resume its on-going uptrend.

Recommendation: Taking longs in gold around 26850-750 with top loss below 26550 (closing basis) for targeting 27200-27450 and more upside might be appropriate. Currently trading at 26915

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