AHMEDABAD (Commodity Online): Gold hit a record high in international market but on Indian bourses it could not break previous highs as rupee traded strong against USD. MCX Gold future prices closed at 19182 rupees per ten grams against previous close of 19079 up by 103 rupees.
MCX Oct Gold contract opened flat at 19182 this morning and made an intraday high at 19210 and last traded at 19158 down by 24 rupees on strong INR. Gold prices are likely to fall further as profit booking is being seen in the market and may touch 19100-19050 levels within next few trading sessions.
MCX Gold future prices are likely to trade in a range of 18950-19250. Support for Gold is seen at 19050 and below it; prices can test 18900 while the resistance levels are 19225 and 19300 respectively.
However, gold prices look bullish in the medium term as dollar likely to remain weak against Euro and other major currencies. Fed’s announcement of further quantitative easing may keep dollar under pressure, which will be supportive for the Gold prices. Gold prices are likely to touch 19300-19350; while in international market it can reach USD 1340-1365 per ounce.
Intraday traders can Sell MCX Oct Gold contract near 19180 keeping a stop loss of 19210 and wait for the targets of 19100-19050.
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