MUMBAI (Commodity Online): Continuing bullish trends in the global market due to sluggish US dollar, the gold prices remained strong with new gains in the domestic futures market Thursday.
MCX gold is trading up almost Rs 50 at Rs 17144 per 10 grams. It zoomed to the record high of Rs 17236 yesterday. Today the counter is bullish until and unless it stays above Rs 17114 level with the target of Rs 17227.
MCX gold December contract opened Rs.14 higher at Rs.17,119/10gm and moved between Rs.17,119-Rs.17,157/10gm. The contract traded Rs.43 higher at Rs.17,148/10gm. December contract volumes clocked 1665 lots.
Trade sitting at the comfort of home. Start with a mere 50$Now support for the gold MCX is seen at 16992 and below could see a test of 16879. Resistance is now likely to be seen at 17227, a move above could see prices testing 17349.
COMEX Gold is also up around $2 at $ 1140.7 per ounce. A bullish view can be maintained until the metal stays above $1140 with target of $1149.
Yesterday COMEX gold futures surged to as high as $ 1146.5 in the US floor session following the higher than expected US CPI numbers and weak housing starts data which pulled the dollar back near the 1.5000 Euro mark. The U.S. Labor Department said that the consumer price index was up .3% in October, slightly more than expected. From a year ago, consumer prices were down .2%.
