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Technical Comment For The Day: Gold


The falling wedge pattern in Gold continues to open opportunities for selling. The prices on Monday declined by Rs 380 to settle at Rs 27554 per 10 grams. It is noted that the selling pressure in the metal if extends further can take the prices close to short term resistance at Rs 27200 per 10 grams. Resistance for the contract is at Rs 27898 and 27534 per 10 grams levels. RSI has been near 38. It is important to note that the supports of Rs 27700 has been breached which indicates losses in the coming sessions. The volumes also improved sharply.

Mcx Gold Sees Good Buying, MCX Futures Hit Back Above Rs 28K


gsr_gold_brick22-300x200MCX Gold futures witnessed good gains today as the global prices edged up amidcontinued bargain buying. Steady to weak trend in global equities followed by a slightweakness in the US dollar is helping gold come over its recent losses. The metal is alsowitnessing some buying as the key $1300 levels emerge on the horizon. COMEX Gold iscurrently quoting at $1292.10 per ounce, up $8.70 per ounce on the day. MCX Gold futuresare trading at Rs 28015 per 10 grams, up Rs 235 per 10 grams or 0.83% on the day.

MCX Gold Technical Comment For The Day: 26-Aug-2014


goldsilverreports16MCX Gold formed depleting pattern in the intraday moves on Tuesday. The formation of lower lows pattern is expected to continue. Open interest in Gold is at 9426 against 9363 on 22 August 2014. Prices are looking all set to decline towards Rs 28150 per 10 grams. Volume was at 9500 compared to 15871 at the start of the month. It is still a tricky call for Gold on the higher side as the prices failed to move above Rs 28500 on an intraday basis. It is also far below the 200 day moving average set at Rs 28404 per 10 grams. The prices closed at Rs 27771 per 10 grams, down 0.15%.

Gold Technical Comment For The Day: Neal Bhai


Gold ETPs Halt Outflows as Buyers Return Amid Price SlumpMCX Gold tried to recover on the last session trades of the week, probably on account of squaring off short positions. The metal is expected to face some more dejection with resistance near Rs 28000 per 10 grams. The metal closed at Rs 27813 per 10 grams, up Rs 66 per 10 grams. On the lower side the supports of Rs 27600 per 10 grams is holding. The metal is likely to move down further to Rs 27300 per 10 grams if supports of Rs 27600 are breached. Volumes were on the lower side at 12908 against 18713 on 21 August 2014.