MCX Gold has come out with its intrading strategies report on Gold. According to the research firm, one can buy MCX Gold on dips to USD 1607 for target of USD 1630, with a Stop Loss of USD 1596. More Information about Mcx intraday tips visit my site mcx-today.blogspot.com
Spot MCX gold held steady near $1622 an ounce, clinging to its 4 percent gains from the last session. Gloomy US job outlook, deepening Euro zone crisis and weak Chinese economic growth prompted investors to invest in bullion due to its safe haven appeal. However as per new CFTC data, net long positions in MCX gold futures and option inched up in the last week after declining for the three straight week loss.
After breaking the middle line of Bollinger band resistance prices surged up and tested $1628 an ounce in the previous session. Prices have successfully surpassed the falling trend channel resistance zone of 1597-1603 regions with adequate volume. Though, on a broad basis we retain our bullish prospect towards 1662/1681 levels but it is mandatory to intraday consistently above 1633. However a direct slip below $1570 would reset bearish move in motion and should preferably target 1560 which we least expected for the day. Meanwhile, MACD signaled a positive crossover with volume but RSI is nearing towards overbought condition.
MCX Intraday Tips strategies
Key levels for the day: Upside: Immediate 1630 then 1663/1681. Strong: 1724.
Downside immediate: Immediate 1606/1573. Strong 1530 short term 1481.
Buy on dip to 1607 target 1630 SL below 1596
Buy on dips to 1573 target 1596 SL 1560
Buy on dips to 1532 target 1553 SL below 1519
Buy above 1630 target 1663 SL below 1605. Sell on rallies to 1630 target 1612 SL 1642 (risky)
Sell on pullbacks to 1660 target 1638 SL above 1680. Sell below 1596 target 1573 SL above 1608
Sell below 1550 target 1530 SL above 1562.
Spot MCX gold held steady near $1622 an ounce, clinging to its 4 percent gains from the last session. Gloomy US job outlook, deepening Euro zone crisis and weak Chinese economic growth prompted investors to invest in bullion due to its safe haven appeal. However as per new CFTC data, net long positions in MCX gold futures and option inched up in the last week after declining for the three straight week loss.
After breaking the middle line of Bollinger band resistance prices surged up and tested $1628 an ounce in the previous session. Prices have successfully surpassed the falling trend channel resistance zone of 1597-1603 regions with adequate volume. Though, on a broad basis we retain our bullish prospect towards 1662/1681 levels but it is mandatory to intraday consistently above 1633. However a direct slip below $1570 would reset bearish move in motion and should preferably target 1560 which we least expected for the day. Meanwhile, MACD signaled a positive crossover with volume but RSI is nearing towards overbought condition.
MCX Intraday Tips strategies
Key levels for the day: Upside: Immediate 1630 then 1663/1681. Strong: 1724.
Downside immediate: Immediate 1606/1573. Strong 1530 short term 1481.
Buy on dip to 1607 target 1630 SL below 1596
Buy on dips to 1573 target 1596 SL 1560
Buy on dips to 1532 target 1553 SL below 1519
Buy above 1630 target 1663 SL below 1605. Sell on rallies to 1630 target 1612 SL 1642 (risky)
Sell on pullbacks to 1660 target 1638 SL above 1680. Sell below 1596 target 1573 SL above 1608
Sell below 1550 target 1530 SL above 1562.
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