MUMBAI (Commodity Online): MCX Apr Gold opened down at 16945 vs. previous close of 16956 made an intraday high at 16977. Presently at 5.16 pm Gold at MCX traded at 16920 down by 36 rupees.
14 days RSI for MCX gold Apr contract is at 58.24 level and it shows downtrend.
“Technically, Gold looks bearish while range for MCX Gold is from 16850 to 17250,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online. Presently gold prices are trading above 10, 14 and 20 day weighted moving averages which signals uptrend.
Support for the Gold is seen at 16900 and below could see a test of 16750. Resistance is now likely to be seen at 17060, a move above could see prices testing 17200. Gold prices are likely to rise and may rest 17200-17300 levels within next few days.
