Trade Strategies on MCX Gold

Spot MCX gold almost paused overnight and the session opened with mild gains. MCX Gold is now moving in tandem with the Euro which surged today, initially on expectations of possible influential actions from the Euro zone policy makers to curb the region’s debt crisis. More information about trade visit my site

However, after a surprisingly weak US job data, MCX gold is steady above $1600 an ounce and now is waiting for fresh cues for proper directions. Looking ahead, Federal Reserve Chairman Ben Bernanke testifying before the congressional panel tomorrow and it will be a formidable event as investors look forward to further monetary easing from the US central bank. At the same time, ETF based demand for MCX gold is showing unchanged from Monday.

After a 2day slippage, prices recovered swiftly and is now becoming visible to meet the upside obstacle of $1633 an ounce. A few moments of uncertainty is expected late in the evening but dips could be treated as an opportunity to enter rallies and such moves could possibly break 1633 and take prices higher. For the day an initial plunge is favoured followed by an upside breakout.

Trade Strategies

Key levels for the day: Upside: Immediate 1632 then 1662/1680. Strong: 1724.

Downside immediate: Immediate 1606/1572. Strong 1530 short term 1480.

Buy on dip to 1606 target 1630 SL below 1595

Buy on dips to 1572 target 1592 SL 1560

Buy on dips to 1531 target 1552 SL below 1519

Buy above 1632 target 1662 SL below 1605. Sell on rallies to 1630 target 1612 SL 1642 (risky)

Sell on pullbacks to 1660 target 1638 SL above 1680. Sell below 1596 target 1572 SL above 1608

Sell below 1550 target 1530 SL above 1562.

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