AHMEDABAD : MCX Gold opened negative today on the fear from two-year old debt crisis hovering over Europe and eventually trigger credit crunch. Meanwhile, gold is falling further as traders are involved in equalizing the losses suffered from equity market.
In physical market the overall perception is not so much bearish but in future market fund manager are cautious taking into consideration the deterioration of global recessionary pressure.
Technically the overall support of MCX gold is around 27800 were the real buying may come looking to the oversold condition of yellow metal. And physical traders may feel it to be the cheap price where they can enter. The most important support point for the coming session would be Rs. 28260 closing below which the market forces will hammer it further.
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