BUY GOLD ABOVE 29850 TGT 29950/30050 SL 29700
Precious metals prices nudged higher on Monday as the dollar wallowed near three-year lows following a U.S. government shutdown,
although bullishness in the wider financial markets capped the precious metals’ gains. However, keeping a lid on gold’s gains, U.S.
Treasury yields rose as investors saw limited economic fallout from the standoff in Washington and instead focused on a global economy
motoring ahead. Rising yields tend to weigh on gold by increasing the opportunity cost of holding non-yielding bullion. They also tend to
boost the dollar, making dollar-priced gold costlier for non-U.S. investors. Technically, Gold has been in the overbought territory for a
while now and a correction is expected in the days to come.
Gold: MCX Gold prices traded higher for the
day; where it has formed Higher highs
and higher lows formation. On the
weekly chart, MCX Gold has formed
“Symmetrical Triangle” pattern; where
price has been trading near the
immediate resistance zone. On the other
hand, COMEX Gold has shown positive
momentum for the day after giving a
correction in
previous two days.
Moreover, MCX Gold Price has found the
support of 21 days EMA on daily chart.
Based on the above technical aspects, we
expect bullish movement in MCX Gold
prices.Gold trading range for the day is 30000-29700. Gold is getting support at 29700 and below same could see a test of 29600 level, And resistance is now likely to be seen at 29950, a move above could see prices testing 30050. Gold is trading into SIDEWAYS zone and traders can hold long positions until Gold closes below 29700 levels. below 29700 levels could see price testing 29600.
R2
|
R1
|
S1
|
S2
|
TREND
| ||
GOLD
|
30050
|
29950
|
29700
|
29600
|
BULLISH
|
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