It may be recalled, that we have mentioned that Gold is likely to seek considerable support around the Rs 31,000-level.
Select momentum oscillators like the daily Stochastic Slow remains in the oversold zone, while the 14-day RSI is giving a positive divergence.
Even a 50 per cent retracement from the current levels, can give us a target of around Rs 31,750-odd levels in the next couple of trading sessions.
However, one needs to keep a stop around Rs 30,900 for fresh long positions.
In today's outlook, the Gold MCX February futures may face resistance around Rs 31,325-31,365-31,400. On the downside, Gold MCX may seek support around Rs 31,075-31,035-31,000.
The corresponding key levels for Gold Mini January futures are as follows - support at Rs 30,900-30,860-30,820, while face resistance around Rs 31,150-31,185-31,225.
