MUMBAI (Commodity Online): MCX Apr Gold opened up at 16725 vs. previous close of 16692 made an intraday high at 16767 and fell following COMEX electronic session. Presently at 6.32 pm Gold at MCX traded up at 16714 up by 22 rupees.
14 days RSI for MCX gold Apr contract is at 53.3 level and it shows sideway movement.
“Technically, Gold looks bearish and range for MCX Gold is from 16500 to 16850,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online. Presently gold prices are trading below 4, 7 and 10 day weighted moving averages which signals downtrend.
Support for the Gold is seen at 16600 and below could see a test of 16400. Resistance is now likely to be seen at 16800, a move above could see prices testing 16950.
