MUMBAI (Commodity Online): MCX Aug Gold opened at 18945 per ten gram against previous close of 18961 and made an intraday low at 18907.
Presently at 6.09 pm Gold on MCX traded at 18967 up by 6 rupees after made an intraday high of 19198. Gold future prices are likely to continue uptrend and likely to cross 19400 levels because of uncertain macro economy background and sovereign risk of Euro nations may also spread to non-Euro nations also.
14 days RSI for MCX gold Aug contract is at 69.7 levels and it shows that Gold prices are overbought. Support for the Gold is seen at 18700 and below could see a test of 18450. Resistance is now likely to be seen at 19200, a move above could see prices testing 19450.
“Technically, Gold looks bullish while range for MCX Gold is from 18400 to 19300,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
