MCX Gold price after creating a two year low at Rs 24830 (S) has give a sharp pull back rally and currently inching higher, forming higher tops and higher bottom. Also, the price is holding to its recent lows of Rs. 25250 Levels and is getting some support near those areas. This indicates possible reversal and a low risk high return trade set-up.
A positive divergence can be seen on the chart which indicates a possible reversal in the price for the short-term. Also, RSI has now moved above the 50 mark and is pointing higher indicating positive momentum for the price.
For the current week buying on dips till Rs.26100 level should be the strategy for the immediate target of Rs.27300 on the upside.
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MCX Gold May Rally Towards 27300 Levels
Published 07/22/2013, 07:18 AM
Updated 05/14/2017, 06:45 AM
MCX Gold May Rally Towards 27300 Levels
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