MUMBAI (Commodity Online): MCX Aug Gold opened at 18978 per ten gram against previous close of 18961 and made an intraday low at 18907.
Presently at 6.44 pm Gold on MCX traded at 18850 down by 141 rupees on the back of profit booking after made an intraday low of 18835. However, Gold prices are likely to resume its uptrend and may test 19200-19500 levels within next few weeks.
14 days RSI for MCX Gold Aug contract is at 64.41 levels and it shows downtrend. Support for the Gold is seen at 18700 and below could see a test of 18450. Resistance is now likely to be seen at 19000, a move above could see prices testing 19200.
“Technically, Gold looks bullish while range for MCX Gold is from 18400 to 19200,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
