AHMEDABAD (Commodity Online): MCX Gold future prices settled lower on Friday at Rs. 20503 per ten grams against previous close of 20615 down by 112 rupees. MCX Feb Gold contract opened up this morning at 20512, made an intraday low of 20512 and last traded at 20631 up by 140 rupees.
Gold prices are likely to fall as USD is likely to become strong against Euro and other major currencies. Gold prices could test 20400-20100 levels within next few trading days. Support for MCX Gold Feb contract is seen at 20400 and below it; prices can test 20100, while the resistance levels are 20850 and 21100 respectively. Short term range of MCX Gold future prices is 19750-21000.
Gold prices are likely to fall and so short term traders can sell MCX Gold Feb contract near 20820 keeping a stop loss of 20930 and wait for the targets of 20650-20300.
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