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MTECHTIPS:-GOLD
Gold witnessed another day of sell off as the commodity witnessed selling at higher levels to close below 28700. 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
these levels, we may witness lower levels in coming days.Bears continued to haunt yellow metal futures, taking it below $1600 levels as the dollar held on to gains amid continued concern about political upheaval in Europe. US Gold futures for June delivery were closed below $1590 an ounce in Asia electronic trades today. Yesterday, it fell $34.60, or 2.1%, to settle at $1,604.50 an ounce on the Comex division of the New York Mercantile Exchange. At the MCX, gold prices for June delivery may open today's session below Rs 28600 with support near Rs 28540, Rs 28470 and Rs 28410 levels. Yesterday, it closed lower by Rs 288 (0.99%) at Rs 28,651 per ten grams. Prices rose to a high of Rs 28,970 per 10 grams and fell to a low of Rs 28,600 per 10 grams during the day's trading.
Gold witnessed another day of sell off as the commodity witnessed selling at higher levels to close below 28700. 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
these levels, we may witness lower levels in coming days.Bears continued to haunt yellow metal futures, taking it below $1600 levels as the dollar held on to gains amid continued concern about political upheaval in Europe. US Gold futures for June delivery were closed below $1590 an ounce in Asia electronic trades today. Yesterday, it fell $34.60, or 2.1%, to settle at $1,604.50 an ounce on the Comex division of the New York Mercantile Exchange. At the MCX, gold prices for June delivery may open today's session below Rs 28600 with support near Rs 28540, Rs 28470 and Rs 28410 levels. Yesterday, it closed lower by Rs 288 (0.99%) at Rs 28,651 per ten grams. Prices rose to a high of Rs 28,970 per 10 grams and fell to a low of Rs 28,600 per 10 grams during the day's trading.
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