Last Updated : 06 December 2012 at 13:10 IST
When is the right time go long on MCX Gold
Source :Commodity Online Research desk
Technically bullion is looking bearish intraday. In the evening session, US Jobless claims data release is expected which may prove to be negative for gold and silver prices. MCX Gold February contract is now having a very good support at Rs 31050 and resistance at Rs 31200.
- Base metals, Crude Oil may trade lower on weak China PMI data; Gold, Silver to be positive
- Spot gold prices increased by 1.58 percent on the back of weak Dollar Index. Further, weak stock markets increased the demand for precious metal as protection of wealth.
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Those traders who want to take a long position in MCX Gold for a short term period, are advised to wait for further correction as down side movement is expected in today's and tomorrow's sessions. They may take a long position in gold around Rs.30500-30400 with stop loss of Rs.29800 and for the target near Rs.32200 by mid January.
Technically bullion is looking bearish today.
In the evening session, US Jobless claims data release is scheduled which may prove to be negative for gold and silver prices. MCX Gold February contract is now having a very good support at Rs 31050 and resistance at Rs 31200.
If gold prices sustain below Rs 31050 then I expect 30800 levels in an intraday session. Intra-day traders are advised to take a short sell position in gold around Rs.31120 with stop loss of Rs.32000 for target near Rs 30950-30800.
Silver is also looking bearish below Rs.62200.Now Silver March contract is having good support at Rs. 61800 and resistance at Rs.62200. Below Rs. 61800, I expect Rs.61200 levels in an intra-day session.
Meanwhile, gold on the MCX for February delivery was seen trading at Rs.31111, a loss of 0.28%. Silver for March was trading at Rs.61953, a loss of 0.56% as of 12.51 PM IST.
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