Investors are jumping for joy after the recovery on Gold. However, Gold experts are on the bearish side and the global outlook for Gold is looking negative. The rise in physical demand has perhaps witnessed a recovery to an extent... but markets are still pressurized on the Precious Metal pack.
Gold prices at MCX are witnessing a consolidation to lower levels. Volatility of the commodity remains low on low volumes. It is now trading around 26715-27234 levels for the week.
Gold is tracking bearish flag pattern from the beginning of the contract. Commodity has collapsed since April 10th. The parabolic SAR indicates a reversal of the current pattern.
The commodity may sustain its position at 27239 levels, or else it may decline to 26200 levels. The indicators have been bearish and spotting the COMEX prices, further decline to 25800 levels is expected.
On charts, Gold is showing a bearish picture. MACD is still negative and P-ROC (Rate of Change) is at negative momentum. RSI is in sideways at 41.76 levels.
The trend line at 27000 levels is kept cautious, and if the commodity breaches this level, steady rise to 25800 levels is expected.
The commodity still appears at the lower Bollinger Band® levels. Stochastic is at medium levels, since investors may take buy position on dips.
COMEX Gold has slightly recovered from lower levels, but the commodity is still in the danger zone. Traded range for the week is 1441-1451 levels.
MCX Gold June Short Term: Bearish
Support: 26365, 26208
Resistance: 27234, 27310
Turn around levels: 27000-26200-25800
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MCX Gold May Decline Further On Falling Momentum
Published 05/08/2013, 07:05 AM
Updated 05/14/2017, 06:45 AM
MCX Gold May Decline Further On Falling Momentum
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