Commodity Gold futures looks Better, recommended Buying in commodity

Commodity Gold

The Commodity Gold April contract On MCX is opened at 21111 and maintained the positive momentum in commodity market and tested the high of 21190, but crashed down on peace talk with Libya and more pressure seen on commodity in MCX and NCDEX after the job data in the evening which made gold to test the day's low of 20833 and finally settled at 20858 down by -1.41%.

If we take the technical view then the MCX Gold April contract is trading in the range as RSI for 14 days is currently indicating 59.82, where as 50 DMA is at 20500 and commodity Gold futures is trading above the same and getting support at 20720 and below could see a test of 20600 level, and resistance is now likely to be seen at 21240, a move above could see prices testing 21330.

Now the commodity Gold futures is seem to be traded in a range of 20600-21330.

The commodity tips for Positional Traders is they can buy MCX Gold April contract near 20780 with the stop loss of 20600 and can wait for the targets of 21190 and 21390.