MCX Gold price after creating a two year low at Rs.24830 level has given a sharp pull back rally and closed the last week above Rs.27500 level, a 1 month high. The price is currently inching higher, forming higher tops and higher bottoms which indicates a short-term uptrend. As such a test of resistance zone at Rs.27950-28280 levels looks likely in the near-term.
Further, a positive RSI divergence can be seen on the chart which indicates a possible short-term reversal in the price. Also, the RSI has now moved above the 50 mark and is holding above the resistance break indicating positive momentum for the price.
For the current week buying on dips till Rs.27400 level should be the strategy for the immediate target of Rs.27950-28280 area on the upside.
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MCX Gold: Buy On Dips Till Rs 27400 Level
Published 07/30/2013, 02:30 AM
Updated 05/14/2017, 06:45 AM
MCX Gold: Buy On Dips Till Rs 27400 Level
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