MUMBAI (Commodity Online): Gold futures on MCX traded weak during the day as Dollar strengthens against Euro. MCX June Gold opened downside flat at 16605 against previous close of 16609 and made an intraday high at 16605.
Presently at 5.28 pm Gold on MCX traded at 16556 down by 53 rupees after made an intraday low at 16471 as investors are worried because of fraud charges against Goldman Sachs . Gold future prices are likely to fall further and may test 16400 in the next few days.
14 days RSI for MCX gold June contract is at 46.26 levels and it shows downtrend. Support for the Gold is seen at 16450 and below could see a test of 16250. Resistance is now likely to be seen at 16650, a move above could see prices testing 17850.
“Technically, Gold looks bearish while range for MCX Gold is from 16400 to 16800,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
