8 August 2015

MCX Gold bearish

Short term support for MCX Gold October contract is found at 24500 with a possible resistance at 25000. Intraday support is at 24580 with resistance at 24850 levels.Gold is maintaining the bearish trend for both short term and intraday. Short term support for MCX Gold October contract is found at 24500 with a possible resistance at 25000. Intraday support is at 24580 with resistance at 24850 levels, MCX Gold October contract has been trading down by -0.13 per cent to 24756 level on Friday. Gold prices edged up in Asian trade, but remained close to a five-year price low. Traders are awaiting U.S. non-farm payroll data to be released later on Friday, as any significant improvement may again create fresh pressures on the precious metal.
Volume so far in August, already a slow time of year, has dropped about 8 percent from 2014. On Thursday, trading was about 40 percent below the 100-day average. With fewer participants, the metal's volatility has tumbled to the lowest in nine months. The metal's 60-day historical volatility was near 11.8 on Thursday.

1 comment:

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