7:23 PM
Nifty Tips
MCX Gold future prices settled Saturday at Rs. 19971 per ten grams against previous close of 19895 up by 76 rupees. MCX Dec Gold contract opened up this morning at 19996 and last traded at 20141 up by 170 rupees.
Techinically, Gold prices are trading in overbought zone and may fall on profit booking. 14 days RSI for MCX Gold Dec contract is at 66 levels which shows gold prices are increasing steadily. Support for MCX Gold Dec contract is seen at 19850 and below it; prices can test 19600, while the resistance levels are 20360 and 20500 respectively. Short term range of MCX Gold future prices is 19800-20250.
Gold prices are likely to fall on profit booking as Dollar becoming strong against Euro and other major currencies and so short term traders can sell MCX Gold Dec contract near 20340 keeping a stop loss of 20410 and wait for the targets of 20000-19850.
Gold prices are likely to fall on profit booking as Dollar becoming strong against Euro and other major currencies and so short term traders can sell MCX Gold Dec contract near 20340 keeping a stop loss of 20410 and wait for the targets of 20000-19850.
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