MCX Gold prices are exhibiting strong bullish momentum, sustaining well above the key psychological level of ₹1,00,000. This strength indicates continued investor interest amid a favorable macroeconomic environment and persistent global uncertainties. The resilience above ₹1,00,000 suggests that market sentiment remains firmly positive, with buyers stepping in on any minor dips.
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Technically, the trend remains intact as long as prices hold above the ₹99,000 support zone, which now acts as a crucial base for any short-term corrections.Looking ahead, the upward momentum is likely to persist, with MCX Gold expected to test the ₹1,01,500 mark in the coming week. The ongoing global economic tensions, inflationary concerns, and a weaker rupee may continue to support domestic gold prices.
Additionally, physical demand ahead of the festive season and central bank buying globally may further underpin the price rise.Traders should watch for any break and close above ₹1,01,500, which could open doors for further upside toward ₹1,02,000 and beyond. On the downside, a sustained breach below ₹99,000 may temporarily pause the rally, but until then, the trend remains bullish. Overall, gold remains a preferred asset in the current environment, offering both safety and strong price action.
MCX Gold Trading Strategy
- CMP: 100300
- Target: 101500
- Stoploss: 99000
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