Trade Strategies on MCX Gold

Spot MCX gold slipped more than two percent in the last session but had recovered swiftly today after tracking a strong Euro. The Euro rallied after the European policy makers agreed to create a single supervisory body for Euro zone banks without boosting the government debt. More Information about trade visit my site

Mounting global economic slowdown shifted investors to safer havens like the US dollar which prompted a sell off in MCX gold. US Gross domestic product report showed that the economy rose at an annual rate of 1.8 percent. In the meantime, physical buying from Asian countries still remain lackluster. 

As we expected previously prices surrounded reduced below $1560 an ounces but had taken support at the reduced end of the Bollinger group at 1546 and converted higher. Preferably, continuous data structures are indicating opportunities of a distinct restoration but such goes will be caught near 1588.

Simultaneously strength signs or symptoms are still indicating poor emotions, hence extended liquidation cannot be guideline out later once it cleaned 1545. MACD signaled a bad divergence. Oscillators are placed well below the zero range while RSI is still in oversold region.

Trade strategies on MCX Gold:

Downside immediate: 1546 followed by 1526 short term 1480.

Key levels for the day: Upside: Immediate 1587/1607/1635-1640 region followed by 1663.

Sell on pullbacks to 1587 target 1560 SL 1597. Sell again below 1560 target 1535 SL 1583.

Sell below 1526 target 1480/1446 SL 1543. Sell on rallies to 1630 target 1613 SL 1663.

Buy above 1588, target 1607 SL below 1579. Buy if prices turned above 1607 target 1633 SL below 1583.

Buy above 1640 target 1663 SL below 1625. Buy if unable to break 1560, target 1583 SL 1552.

Buy on dips to 1552 target 1572 SL below 1531.

For the day prices are likely to take an initial dip followed by a drift higher.

MCX Gold Aug: Intraday Levels are: Resistance at 30090/30150/30450 supports: 29520/29345 and  then 29100.

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