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Gold: A Faithful Rally

Published 08/16/2013, 08:36 AM
Updated 05/14/2017, 06:45 AM
Gold is always faithful, it never breaks our hopes. History shows how important is gold for the traders. Here we are hoping for a rally towards 50,000...

Gold prices at MCX are trading with a positive trend around 30,000 levels. High demand due to govt. measures on Indian rupee weighed on gold futures.

The commodity has breached the previous resistance of 28000 levels and rallied to 30100 levels. It may witness another sell off at 30500 levels.

Gold has breached the triangle pattern, and is following a bullish flag pattern ranging around 29000-31000. Traders are advised to stay on sideline and observe short term variation in gold.

The trend-line support for gold is now seen at 28000, as it may remain as a strong psychological level.
Gold
On charts, gold is showing bullish phenomenon. MACD is positive and P-ROC (Rate of Change) is at overbought territory. RSI is strong.

Support for the commodity is now seen at 29000, 28000 levels and resistance is seen at 31000, 31800 levels.

MCX Gold October short term: Bullish

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