COM: MCX Gold fall on profit booking, debt fears ease
MUMBAI (Commodity Online): MCX Gold future prices fell today following spot prices on the back of profit booking and easing fears about Euro-zone debt problem. However, spot Gold still well supported above US Dollar 1200 mark because of continued concerns about the debt problems among many European countries. MCX June Gold opened at 18250 per ten gram against previous close of 18260 and made an intraday high at 18250.
Presently at 5.47 pm Gold on MCX traded at 17951 down by 309 rupees after making an intraday low at 17916.
14 days RSI for MCX gold June contract is at 71.28 levels and it shows gold prices are rising. Support for the Gold is seen at 17900 and below could see a test of 17600. Resistance is now likely to be seen at 18250, a move above could see prices testing 18400.
“Technically, Gold looks overbought while range for MCX Gold is from 17500 to 18300,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
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