MCX Gold future is trading near 59200 currently By Sumeet Bagadia, Choice Broking Ltd
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Gold price has takes retracement in pas couple of sessions from its latest highs and it seems like we may expect further decline in Gold price. MCX Gold future is trading near 59200 currently.On the other hand,Comex Gold is been at $1925.
Comex Gold future has reversed from its peak of $1952 level and trading negatively since past couple of sessions. This decline in Gold price is fueled by surge in Dollar index which is trading above 104.50 levels. Alongside Dollar index 10-Year Treasury yields also inclined towards 4.25%.
On Daily chart,Gold future has formed Symmetric Triangle formation and price has been traded within channel since past few sessions.Immediate support would be at 50DMA level placed at 59100.if the price break through this mark.next support level would be at 100-DMA level placed at 58885.Key hurdle would be tat 59400.
The Momentum indicator,RSI is trailing dowanwards towards 50 level in all time frames which suggests increase of selling pressure in Gold price. Also,there is bearish crossover on MACD above zero -line.
We are anticipating downside move in Gold price in upcoming session and traders may look forward for the levels at 58505-58000.
Sell Gold Oct@59153,add on till 59225, for the Targets of 58505-58000,with SL @59461
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