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MTECHTIPS:-GOLD
Gold witnessed negative trades in early morning, as the commodity dipped, but it soon regained to close above 28600 levels. MCX Gold will face strong resistance above the 28800 levels for the session ahead and holding above will open up 29000 levels. On the other hand gold has strong support below 28500 levels and any dip below will test the support of 28250.Gold appears to have broken the uptrend, and if the commodity
holds below, lower levels may be seen in coming days.Gold futures are trading mildly lower in Asia session today as Asian equities traded mixed thereby supporting the metal from falling much. Gold may trade in a range bound manner today following the volatile moves in past few days. Yesterday, MCX gold for June delivery closed higher by Rs 27 (0.09%) at Rs 28,678 per ten grams. Prices rose to a high of Rs 28,728 per 10 grams and fell to a low of Rs 28,453 per 10 grams during the day's trading. It may open lower today with expected support near Rs 28600 levels and resistance near Rs 28700 levels. Gold for June delivery ended lower by $10.3 or 0.6%, to end at $1,594.2 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday.
Gold witnessed negative trades in early morning, as the commodity dipped, but it soon regained to close above 28600 levels. MCX Gold will face strong resistance above the 28800 levels for the session ahead and holding above will open up 29000 levels. On the other hand gold has strong support below 28500 levels and any dip below will test the support of 28250.Gold appears to have broken the uptrend, and if the commodity
holds below, lower levels may be seen in coming days.Gold futures are trading mildly lower in Asia session today as Asian equities traded mixed thereby supporting the metal from falling much. Gold may trade in a range bound manner today following the volatile moves in past few days. Yesterday, MCX gold for June delivery closed higher by Rs 27 (0.09%) at Rs 28,678 per ten grams. Prices rose to a high of Rs 28,728 per 10 grams and fell to a low of Rs 28,453 per 10 grams during the day's trading. It may open lower today with expected support near Rs 28600 levels and resistance near Rs 28700 levels. Gold for June delivery ended lower by $10.3 or 0.6%, to end at $1,594.2 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday.
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