Gold dipped yesterday as per expectation and ended lower on pressure from a stronger U.S. dollar, but the metal did pare some losses throughout the session. Sell off was seen in the international market but got some support in Indian market as rupee shown the weakness. Gold opened at USD 949 in New York and ticked lower on light selling, dipping to an intraday low of USD 944. The metal made a slow progressive move higher on the back of rallying EUR, reaching USD 954, said Ajay Kedia, managing director of Kedia Commodities.
Presently, MCX gold June contract is trading slightly down 0.24% at Rs 14,537 per 10 gram as against its previous close of Rs 14,572. It opened at Rs 14,575 in the morning session. The support for the gold MCX is seen at Rs 14,504 and below could see a test of Rs 14,435. Resistance is now likely to be seen at Rs 14,655, a move above could see prices testing Rs 14,737.
He recommended selling in MCX gold June contract below Rs 14,540 with stop loss of Rs 14,612 and target of Rs 14,518-14,485-14,445.
