MCX Gold 38660 To Low 37635 If Break 37600 Sell Again 100–200 Lots – Neal Bhai
Gold is currently trading at $1,496 per Oz, representing 0.12% losses on the day, having hit a high of $1,501 in early Asia.
On Thursday, the yellow metal clocked a high of $1,524 before closing largely unchanged at $1,498. Essentially, Gold created a daily candle with a big upper shadow (sell on rise mentality), reinforcing the bearish view put forward by Sept. 6’s double top breakdown.
Read More : MCX GOLD AGAR 37900 KE NICHE close ho jaaye to 100–500 lot aur sell karna
So, a deeper drop to levels below $1,494 – the support of the trendline connecting May 30 and Aug. 1 highs – could be in the offing.
Supporting the bearish case is the below-50 reading on the relative strength index (RSI) and the risk-on sentiment in the financial markets. As of writing, the futures on the S&P 500 are reporting 0.10% gains. The index rallied by 0.29% on Thursday, courtesy of fading trade tensions and European Central Bank’s (ECB) monetary easing.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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