MTECHTIPS MCX Gold sideways to bullish; prices may remain in 26000-26300 range

MTECHTIPS:-MCX Gold sideways to bullish; prices may remain in 26000-26300 range

The trend in gold futures for June delivery on India's Multi Commodity Exchange (MCX) looks sideways to bullish and prices may remain in the range of 26000 - 26300 for the day.“For intra-day, support for the commodity is seen at 26000 initially and below that it could test level of 25800. Resistance is there at 26300. Intra-day traders are advised to buy on dips for the day near 26080 with stop loss of 26000 for target near 26200,”MCX gold for June delivery was seen trading up by 0.55% at Rs.26247 per 10 grams as of 03.54 PM IST on Wednesday. On Wednesday, India further cut down the import tariff value of gold. According to a notification by the Central Board of Excise and Customs, import tariff value of gold was set at $440 per 10 grams from last week's $466 per 10 grams. In the global market, strong Chinese yellow metal demand has pushed up gold prices on Wednesday as concerns grew that US Federal Reserve may end its bullion friendly bond buying program.“Chinese buying is mainly pushing up gold prices,” a trader in Tokyo said to Reuters stating that bullion could go up to $1,385.