Today is the day for gold… Bernanke is all set for his testimony. Gold traders are waiting for Federal Reserve Chairman Ben Bernanke’s speech on QE and monetary policies. The expectation that he will end up the QE on September may crash gold futures.
Gold prices at India’s Multi Commodity Exchange (MCX) are still trading with alternate bull and bear runs. The commodity has failed to sustain at 26,930 levels and retreated to 26,340 levels. Strength in Indian rupee capped further gains in MCX gold prices.
The Commodity was following to form a triangle pattern around 25,000-26,500 range. The commodity breached 26,500 levels and rallied to 26,900 and retreated to 26,300 levels.
The commodity should remain around 26,000-27,000 levels. Breaching 27,000 levels may witness bull rally towards 28,000 levels. The yellow metal will face resistance at these levels.
On charts, gold is showing mixed picture. MACD is negative and P-ROC (Rate of Change) is at bearish territory. RSI is neutral.
Profit selling at 26,900-27,000 levels may witness slight downtrend in the near term. The overall trend remains bearish for MCX gold.
MCX Gold August Medium term: Bearish
Support: 25940, 25830
Resistance: 27100, 27200
Turn around levels: 25900-26900-27200
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MCX Gold: Wait For Bernanke!
Published 07/17/2013, 04:24 AM
Updated 05/14/2017, 06:45 AM
MCX Gold: Wait For Bernanke!
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