Gold (Yellow Metal) Chart of the Day: broke the $1800 level resistance yesterday, and while above the $1800 level the risk is for a move back to the 200dma.
gold price outlook is positive – gold chart of the day
The double bottom pattern will target the $1842 level first, but since the daily RSI is nowhere near overbought the 200dma and the 61.8% Fibonacci ration near the $1852 level seems like a logical target near term. Keep in mind that the move back to the $1756 level last week was a 38% “shallow” retracement which is assisting this move higher near term.
- Gold price in the international market is oscillating in $40 range of $1,800 to $1,842, say experts
Gold price in the domestic market has immediate support at ₹46,700 while it has resistance at ₹47,500 per 10 gm levels. But, this is for the immediate short-term range.
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What is MCX gold price?
Overall the mcx gold price outlook is positive. Any dip in the gold price should be seen as buying opportunity and one should avoid selling on rise as breakage of $1,800 resistance in the international market will lead to the next target of $1,820 per ounce that means at MCX gold price hitting ₹48,100 per 10 gm levels.”
(By Gold Silver Reports / Neal Bhai Reports)