AHMEDABAD : MCX Gold opened lower today (at 28720) as dollar index opened gap up today at 78.47 as compared with previous close of 78.22, the decreasing liquidity was also a major concern for the gold to move down.
MCX gold was moving down against international gold as there was the pressure of INR (against dollar), on the yellow metal. If INR further falls against dollar it will have negative impact on Indian gold. Futher, any positive move in international gold will be neutralized by bearish sentiments of INR for near term.
Technically, MCX gold is having support near Rs. 28544 and if prices remains stable here we can expect further up move up to Rs. 28700 to 28760. On daily charts gold is not looking too much bearish but technically, it needs to find some valid support if it needs to continue further north side movement, for which the ultimate support is at Rs. 28200, says Hardik Jani research from Commodity Online.
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