Since February 2016, Gold is trading in sideways mode between 28,000 – 30,000 per kg on the broader scale. Interestingly China (Shanghai Gold Exchange) last week launched its own yuan denominated Gold contracts which will become the reference price for gold in the country. The benchmark price for a 1 kg contract was set at 256.92 yuan/gram on Tuesday at the launch of the benchmark contract.
In the Indian Market Gold Jewellers went on a long strike since March extending till 1st week of April to protest over the reintroduction of a sales tax on gold jewellery after four years. Local demand is expected to pickup as Akshaya Tritiya on May 9 is nearing up. Retail crowd turned bullish on Gold and Silver. However technical are negative for this week and the price is expected to come down further. EOD sentiment is holding negative at this point which indicates further weakness in Gold Future Contracts.
Our Expectation is price is likely to trade in the range for sometime in the zone Rs28,000 – 30,000. Current supports are around 28200. Any break down below this supports could bring further momentum on the downside.
Related Readings and Observations
MCX Gold – Extreme Weekly Sentiment Indicates Bottomed out? MCX Goldon the monthly charts consolidating for the last for the 5 years in the band of Rs25000 - 32200 per 10 gram. Sentiment on the monthly charts suggests the long term sentiment is […]
Commodities Crashed Post US Presidential Election Results MCX Gold surges to a high of Rs31326/Kg when Mr.Donald trump was leading the election results on 9th Nov 2016. Around 10.40p.m gold topped out and from there post the election announcement […]
MCX Gold – Time to Rise – Technical Analysis Gold (20.08.2014) traded higher as per our last article & went to $1320 mark. However a sharp fall was witnessed from there specially on mcx with combination of INR.
Technical Outlook – Does Gold Retesting & Reversing? Now gold is trading below $1300 once again & as we can see on charts, gold kissed the broken trend line which was unable to hold prices up for the 3rd time in mid April.
MCX Gold Crashed nearly Rs1000/ 10 grams from the high MCX Gold Intraday Chart
MCX Gold Crashed nearly Rs1000/ 10 grams from the high. MCX Gold April Contract had crashed more than 3% and MCX silver had crashed more than 5%. Its […]
MCX Gold 90 min Ichimoku Chart with Buy and Sell Signals MCX Gold Ichimoku 90 min charts are shown with sell signal since 13th Jan 2012 with resistance coming around Rs27603 which also matches currently with 200 day MA average. Also currently […]
