MCX Gold May Fall Towards 26,000 Levels
CommodityOnline | Jul 15, 2013 06:36AM ET
MCX Gold price after creating a two year low at Rs 24830 (S2) has give a sharp pull back rally and currently heading towards the previous top and the gap of Rs 29020. Also, the price is holding to its recent lows of Rs. 25250 Levels and is getting some support near those areas. These indicate possible reversal and a low risk high return trade set-up.
A positive divergence can be seen on the chart, wherein the price has formed a new recent low, but the 14-period RSI has managed to sustain well above the previous low. This indicates a possible reversal in the price for the short-term.
For the current week a fall towards Rs.26000 level should be taken as an opportunity to buy the commodity for the immediate target of Rs.27500 on the upside.
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