MUMBAI (Commodity Online): MCX Apr Gold opened down at 16702 vs. previous close of 16727 made an intraday low at 16692. Presently at 6.13 pm Gold at MCX traded flat at 16723 down by 4 rupees.
14 days RSI for MCX gold Apr contract is at 50.06level and it shows sideway movement.
“Technically, Gold looks bullish while range for MCX Gold is from 16650 to 16850,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online. As Dollar likely to fall against Euro and other major currencies, Gold prices may move higher. Support for the Gold is seen at 16600 and below could see a test of 16450. Resistance is now likely to be seen at 16850, a move above could see prices testing 16950.
To get in touch with the Analyst on this report, please mail to tips@commodityonline.com
