Today Trading Tips Strategies on MCX Gold

We have come out with its trading tips strategies on Gold. Retaining last week’s gains, spot MCX gold pushed high and is now sticking just below $1630 an ounce. Euro and dollar held steady without make any remark able moves. Feeble economic releases around the globe prompted investors turning to MCX gold from other asset class. More Information about trading tips vist my site

As per CFTC data, hedge funds and money managers cut their net long positions in MCX gold futures and options by 11 percent to the week ended Aug 07, following a 35 percent surge in previous week. Meanwhile, gold’s premium to platinum rose to a record high as platinum remained under pressure from dull economic prospects.

However, the middle line of Bollinger band and 100 day moving average support of $1606-1600 levels witness a strong obstacle for further sell off. Supports of $1552/1530 levels seem to be the next projected objectives but it needs to clear $1582 convincingly to take bears into action later. For the last few days prices have been trading inside the upper and middle lines of Bollinger bands signaling overbought conditions. RSI is too near overbought situation. Volume seems strengthening while oscillators turned well above the zero line.

Trading Tips strategies

Key levels for the day: Upside: Immediate 1618/ 1634-1640/1662/1680 short term 1720

Key levels for the day: Upside: 1634-1640 regions followed by 1662/1680. Short term 1720

Downside immediate: 1606-1600 regions and then 1596/1582/1560/1545 then 1525.

Buy above 1640 target 1662 SL below 1624. Buy on dips to 1606 target 1630 SL below 1594

Buy on dips 1576 target 1593 SL 1571. Buy on dips to 1551 target 1572 SL below 1531.

Sell below 1596 target 1560 SL above 1606. Sell below 1560 target 1534 SL 1584.

Sell below 1525 target 1480/1445 SL 1542.  Sell on rallies to 1640 target 1612 SL 1662. (Risky)

Initial pullbacks are favored but unlikely to break above 1640.

MCX Aug: Intraday Levels are: Resistance at 30190/30300/30430 then 30700. Supports: 29990/29850-29700/29530 then 29420/29300.

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