Trading Tips Strategies on MCX Gold

MCX Gold retained its previous session’s gains and held steady above the $1600 an ounce mark. Relentless fears over Spain’s surging borrowing costs encouraged safe haven buying in bullion. Yesterday, yields of Market Spanish 10 year bonds hit record levels in the Euro zone history, surging closer to the danger zone level of seven percent. More Infromation visit my site

Currently investors are suspicious over taking new positions in bullion ahead of the outcome of imminent key events like Greek vote, G 20 meeting and US Federal Reserve policy meeting this month. At the same time physical buying in MCX gold seem skinny on expectations of more news from Europe for proper directions.

A direct drop below 1557 has the propensity to evolve into sharper liquidation possibly till 1542/1526 levels. Chances of strong uptrend rest on its ability to stay above 1632 with thick volume. Trading, initial moves are likely to edge higher but doubtful to break 1629 and could trigger floating prices lower towards 1596/1585 or even more. Oscillators have just penetrated below the zero line but RSI is seen neutral at 59.       

Trading Tips strategies

Key levels for the day: Upside: Immediate 1633 followed by 1662/1683. Strong: 1723.

Downside immediate: 1583/1560. Strong 1523 short term 1480.

Buy above 1633 target 1663 SL below 1603. Buy on dip to 1582 target 1603 SL below 1570.

Buy on dips to 1573 target 1593 SL 1560. Buy on dips to 1531 target 1552 SL below 1519

Sell near 1616 target 1596 SL above 1633. Sell on rallies to 1630 target 1613 SL 1643.

Sell on pullbacks to 1660 target 1635 SL above 1680.

Sell below 1560 target 1543/1526 SL 1583.

Sell below 1523 target 1480/1443 SL 1543.

Expect an initial pullback followed by a consolidation and drift prices lower.

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