MCX Gold: Mixed Trend
CommodityOnline | Jun 03, 2013 07:35AM ET
Gold prices at MCX are witnessing a bullish rally towards 28000 levels. The August contract is showing good acceleration, and is now trading around 26900-27187 levels for the week.
The inverted cup was broken, and the commodity is following a bullish flag pattern. If this pattern breaches 28000 levels, a sudden decline to 25000 levels is expected.
The commodity should sustain its position around 27300-27800 levels, or else it may decline below 25000 levels. If it breaches 27899 levels, it could rise to 28001 levels. The commodity will face another resistance at these levels.
Gold is showing mixed picture on the charts. The MACD is positive and P-ROC (Rate of Change) is bullish. RSI is in sideways.
Profit taking at higher levels may witness a slight downtrend in the near term. The overall trend for MCX Gold remains positive .
MCX Gold August, Medium Term: Sideways Up
Support: 26500, 25000
Resistance: 27899, 28001
Turn around levels: 26500-27899-28001
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