MUMBAI (Commodity Online): MCX Aug Gold opened at 18711 per ten gram against previous close of 18706 and made an intraday low at 18700. Gold prices are likely to maintain uptrend due to continued European sovereign debt concerns.
Presently at 6.14 pm Gold on MCX traded at 18771 up by 65 rupees after making an intraday of 18788. Traders are advised to go long near 18720-18730 keeping a stop loss of 18690 for a target price of 18800-18850.
14 days RSI for MCX Gold Aug contract is at 55.84 levels and it shows uptrend. Support for the Gold is seen at 18700 and below could see a test of 18570. Resistance is now likely to be seen at 18875, a move above could see prices testing 18950.
“Technically, Gold looks bullish while range for MCX Gold is from 18700 to 19000,” said Shyamal Mehta, Sr. Commodity Analyst with Commodity Online.
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