Commodity Insight Gold By Choice Broking Ltd
Technical View
After peaking at $2790 in October, Comex Gold has experienced a slight throwback. The price has rebounded strongly from the support level of $2536. Despite this recovery, it has struggled to break through the resistance at $2721.
The Dollar Index (DXY) has maintained its upward trend for the past two months. After a correction from its peak of 107.75, it has retested and held support above a bullish trend line.
MCX Gold future declined by more than 4% from the peak of 80282, continues to trade within an Upward Channel pattern on continuous charts. The price is trading over 50 and 100-Daily moving average levels placed at 75,838 - 74,494 respectively. The Daily SAR (Stop and Reverse) level is at 75,441, while immediate resistance level is situated at 77,713. The RSI levels remains over 50 level on all key timeframes.
Based on above analysis, Traders should look forward for Buy-on-dips opportunity from support levels. If price break through the hurdle level, price may test 78,475 in 1 month.
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