MTECHTIPS MCX Gold sideways to bullish; resistance 26300

MTECHTIPS:-MCX Gold sideways to bullish; resistance 26300

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 - 26500 for the day.“For intra-day, support for the commodity is seen at 26000 and below that it could test the level of 25800. Resistance is there at 26300 and above that it may test 26500 level, “Intra-day traders are advised to buy on dips near 26080 with the stop loss of 26000 for target near 26250,” noted Amrita.MCX gold for June delivery was seen trading up by 1.33% at Rs.22306 per 10 grams as of 03.27 PM IST on Thursday.US initial jobless claims data is scheduled to be released at 06.00 PM IST. Also, monthly housing price index and new homes sales data is expected by 06.30 PM and 07.30 PM IST today. The data may influence futures movement of gold.Gold edged up in the global market on Thursday after US Federal Reserve offered mixed signals during testimony to Congress. Ben Bernanke hinted at reducing the $85 billion bond-buying program, the program that had boosted safe haven appeal of gold.Weak manufacturing data from China has also supported slight up-tick in both domestic and international market of gold.