8:16 PM
Nifty Tips
MCX Gold future prices settled Monday at Rs. 19547 per ten grams against previous close of 19457 up by 90 rupees. MCX Dec Gold contract opened up this morning at 19558 and last traded at 19481 down by 66 rupees. Techinically, Gold prices look weak and may fall on profit booking. 14 days RSI for MCX Gold Dec contract is at 50 levels which shows gold prices are falling steadily. Support for MCX Gold Dec contract is seen at 19350 and below it; prices can test 19100, while the resistance levels are 19600 and 19750 respectively. Short term range of MCX Gold future prices is 19200-19750. Gold prices are likely to trade sideways with negative bias in this week and so short term traders can sell MCX Gold Dec contract near 19590 keeping a stop loss of 19640 and wait for the targets of 19500-19430.
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