Tuesday, February 22, 2011

MCX Gold Updates- Evening Round Up

MCX Gold April contract extended gains and rose to its highest in seven weeks on Monday as growing unrest in the Middle East and rising oil prices underpinned sentiment settled up at 0.88% and closed at20730.

MCX Gold April added to a weekly gain of nearly 3 percent last week and was poised for further upside on fresh news from North Africa and the Middle East, where revolutions which deposed the presidents of Tunisia and Egypt have inspired protests across the region, threatening the grip of long-entrenched autocratic leaders.

MCX Gold April contract is getting support at 20680 and below could see a test of 20610 levels and resistance is now likely to be seen at 20810, a move above could see prices testing 20880.

Short term traders can buy MCX Gold April contract near 20610 with the stop loss of 20485 and can wait for the targets of 20800 and 20875.


Posted By Commodity MCX Tips