In the midst of ongoing trade war tensions gold, this week had captured the psychological mark 1500 USD and trading around the overhead resistance zone 1520-1525 levels. Gold rallied and broken the 2014 year high from bottoming at $1,045 in December of 2015
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 reversed to the negative bias and posied towards the lower end of the balance Rs25000 w- longer term trend which is expected to happen around 3-4 months duration.
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 dropped to a low of Rs29269/Kg on last Friday (Nov 11,2016). The dollar rose to its strongest level since February. Bonds continued to get pounded, with losses exceeding $1 trillion this week.
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.
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.
Checkout the three longterm bearish MCX commodity(MCX Gold,MCX Copper,MCX Crude) Weekly charts which is in currently in long term sell mode as per Intratrend weekly charts.
Now gold is trading below $1300 once again & as we can see on charts, gold kissed the broken trend line which was unable to hold prices up for the 3rd time in mid April.
MCX Gold faced correction last week and due to US strong Employment Data Precious Metals in COMEX face a sell off and GOLD COMEX broke important Support @1300-1295$ and Close below it. Hence this week we may see down trend continuing.
Dow Jones on the hourly charts turned to sell mode on last friday with resistance coming around 15743.Reverse your position to positional buy mode if resistance breaks on the upper side
Intratrend Positional Trend Update for Nifty, Bank Nifty, MCX Gold, MCX Silver, MCX Crude and MCX USDINR futures.
Three MCX commodities (Gold,Silver,Crude) is positional Trend Update for 6th July 2013. Currently MCX Gold and MCX Silver reversed to sell mode whereas MCX Crude maintains buy mode.
Three MCX commodities (Gold,Silver,Crude) is providing low risk positional entry oppurtunities.In the last two days able to see commodities like MCX Gold,Silver and Crude turning to buy mode.