MUMBAI (Commodity Online): Gold futures on MCX traded weak during the day as Dollar strengthens against Euro. MCX June Gold opened downside flat at 16883 against previous close of 16838 and made an intraday high at 16850. Presently at 6.20 pm Gold on MCX traded at 16769 down by 69 rupees. Gold future prices are likely to fall further and may test 16500 in the next few days.
14 days RSI for MCX gold June contract is at 55.89 levels and it shows downtrend. Support for the Gold is seen at 16720 and below could see a test of 16600. Resistance is now likely to be seen at 16980, a move above could see prices testing 17050.
“Technically, Gold looks bearish while range for MCX Gold is from 16400 to 16900,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
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