gold intraday

Gold -The real test remains a move back above 938/946, the 38.2% Fibonacci retracement and June pivot respectively. Our view is that we will try those levels over the coming couple of days, but by Thursday or Friday the market will take a run at July lows near 913.

A downside break of this low could see 888 fairly quickly. Only a close back above 946 would cancel the bearish outlook. Now support for the gold MCX is seen at 12529 and below could see a test of 12438. Resistance is now likely to be seen at 12780, a move above could see prices testing 12940.

Trading Ideas:

TRADING RANGE IS 12438-12940.
SELL GOLD @ 12680-720 SL 12760 TGT 12645-611-580-535-480. MCX
OR TRADER CAN SELL GOLD BELOW 12560 SL 12640 TGT 12535-12480-12360. MCX
YESTERDAY MKT FALLEN AS CRUDE SHOWN THE PULL BACK TO THE SUPPORT LEVEL AT 120$

MCXARUN
9994500540