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You are here: Home / Commodities / MCX Gold – Trading Sentiment Overview

MCX Gold – Trading Sentiment Overview

April 25, 2016 by Rajandran

Gold

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.

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Filed Under: Commodities Tagged With: Commodities, MCX Gold

About Rajandran

Rajandran is a Full time trader and founder of Marketcalls & Co-Founder of Traderscafe, trades mostly using discretionary Trading Concepts like Market Profile, Trading sentimental analysis, building timing models, algorithmic trading models. Instructs professional traders, full time traders & aspiring full time traders. Rajandran attended college in the Chennai where he earned a BE in Electronics and Communications. Rajandran has a broad understanding of trading softwares like Amibroker, Ninjatrader, Esignal, Metastock, Motivewave, Market Analyst(Optuma),Metatrader,Tradingivew,Python and understands individual needs of traders and investors utilizing a wide range of methodologies.

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