mcx gold intraday

Gold opened at 901.25/902.25 in New York and climbed on the back of weaker equity markets, reaching a high of 909.50/910.50. Oil later tumbled on news that Tropical Storm Edouard would not cause disruption to oil production in the Gulf of Mexico, and gold followed, slipping to a low of 894.50/895.50. The metal ticked higher from the lows on good bids closing at 899.25/900.25. Now support for the gold MCX is seen at 12318 and below could see a test of 12217. Resistance is now likely to be seen at 12600, a move above could see prices testing 12781.

Trading Ideas:

TRADING RANGE IS 12217-12781.
SELL GOLD @ 12550-580 SL 12622 TGT 12520-480-435-380. MCX
IMP WILL BE 888$.
RISKY TRADER CAN BUY GOLD @ 12300-330 SL 12270 TGT 12365-12390-12460. MCX
IMPORTANT IS 888$ A BOUNCE TILL 898-905$ CAN BE SEEN BELOW 888$ TARGET CAN BE 862$

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