MUMBAI (Commodity Online): MCX June Gold opened at 18020 per ten gram against previous close of 18002 and made an intraday low at 17968.
Presently at 6.35 pm Gold on MCX traded at 18119 up by 117 rupees after making an intraday high at 18148. MCX Gold future prices are trading higher as spot gold is trading up in Europe after hefty falls last week.
14 days RSI for MCX gold June contract is at 62.89 levels and it shows sideway movement. Support for the Gold is seen at 17900 and below could see a test of 17600. Resistance is now likely to be seen at 18270, a move above could see prices testing 18450.
“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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