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An Inverted Cup For MCX Gold

ByCommodityOnline
Published 05/29/2013, 07:01 AM
Updated 05/14/2017, 06:45 AM
GC
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IMOEX
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Gold prices at MCX are witnessing range bound trading at lower levels. Commodity volatility has turned high on buying at lower levels and subdued demand. It is now trading at around 26202-26826 levels for the week.

MCX Gold is following an inverted cup & handle pattern at 26000-27000 levels. The cup was broken after the collapse from higher levels, after which the commodity followed a handle pattern. Buying at dips may witness some breath for MCX Gold.

The commodity may sustain its position around 26000-26200 levels or else it may decline to 25800 levels. If it breaks this level, a sudden decline to 25050 level is expected. The lower high and higher bottom may reflect future prices.
MCX Gold
On charts, gold is showing a mixed picture. The MACD is neutral and P-ROC (Rate of Change) is slightly positive. The RSI is in sideways at 46.42 levels.

The medium term trend indicates that gold may breach 27450 levels on positive fundamentals. It will fail to sustain this position if it tracks global prices.

The commodity still appears at the lower Bollinger Band © levels; Stochastic is at moderate levels and declining. Investors should take buy position on dips.

MCX Gold June Medium Term: Sideways

Support: 26000, 25800
Resistance: 26900, 27450

Turn around levels: 25800-26000-27450

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