MCX Gold, Technical Analysis
MCX Gold, Technical Analysis; MCX Gold made very strong upwards move after touching the support zone near Rs. 25,000 on monthly line chart and currently trading above the high of 21 days Simple Moving Average (SMA) but unable to close above the high of 45 days SMA (Rs. 29508) on monthly line chart. Although odds are favoring upward trend in Gold prices but interestingly if prices does not close above Rs. 29,508 on monthly line chart (this level is also 4X1 angle from the high made in August, 2008) then prices are bound to touch the previous support level near Rs. 25,000 and on further breaking it, prices may touch Rs. 22,300 and Rs. 19,800 but I would prefer to buy gold near Rs. 18,150. Well, I am expecting this magical level in Gold some times in May, 2018.
In 2013 INR-USD pushed Gold prices at all time high on MCX, whereas prices were in falling in dollar rates, this time in 2018, INR-USD will press Gold prices on MCX to lower levels, although Gold prices will be rising in dollar rates.