MTECHTIPS;MCX Gold sideways to bullish; resistance 26600

MTECHTIPS;MCX Gold sideways to bullish; resistance 26600

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 26200 to 26600 for the day.“For intra-day, support for the commodity is seen at 26300 and below this, it may test the level of 26200. Resistance is at 26600 and above the same it may test the level of 26850,” said Research Analyst at Commodity Online.“Intra-day traders are advised to buy on dips for the day in the range of 26380 to 26390 with the stop loss of 26300 for target near 26550,” noted MCX gold for June delivery was seen trading up by 0.12% at Rs.26443 per 10 grams as of 03.42 PM IST on Wednesday.Gold in the international market edged-up on Wednesday amid strong Chinese demand. However, outflows from ETFs capped gains in the precious metal.Also, physical demand for the yellow metal has picked up in Asia since gold's biggest daily plunge in 30 years in April.Bank of America Merrill Lynch has lowered its gold and silver price forecasts for 2013, citing weak fundamentals and lack of investment buying.Meanwhile, holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 1,012.25 tons on Tuesday, their lowest since February 2009.Gold futures for August delivery on Globex platform of Comex was seen trading up by 0.19% at $1382.35 per troy ounce as of 03.50 PM IST on Wednesday.

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