Gold tumbled down through the 200 day moving average yesterday at 888. The move extended to just shy of our June reactionary low near 875. The technical picture remains negative while gold holds below the down channel top at 908. Downside support is positioned at 857.50. Now support for the gold MCX is seen at 12066 and below could see a test of 11968. Resistance is now likely to be seen at 12320, a move above could see prices testing 12476.
Trading Ideas:
TRADING RANGE IS 11968-12476.
BUY GOLD @ 12150-165 SL 12090 TGT 12200-235-270-310. MCYESTERDAYS BTST)
SELL GOLD @ 12320-350 SL 12390 TGT 12270-12215-12160-12080. MCX
A BREAK OF 12100 IS BEARISH TILL 12000-11860. MCX
CRUDE IS STILL BELOW 120$ CREATING PRESSURE ON BULLION
MCXARUN
9994500540
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