Gold opened at 887.00/889.00 and traded very lightly throughout much of the early morning. Despite new home sales and durable goods orders falling well below expectations, gold tumbled, slipping to a low of 862.00/864.00.
The metal recovered quickly from it's lows and fell within a narrow range as the session progressed, finally closing at 877.00/879.00.
Now support for the gold MCX is seen at 12751 and below could see a test of 12588. Resistance is now likely to be seen at 13161, a move above could see prices testing 13408.
Courtesy: JRG Wealth Management
