Gold is showing a fairly flat day at 877 after trying to bounce to the 200 day moving average at 888. The unit remains in a well defined bearish channel with the top coming in at 902. Risk remains for a drop to the June low of 858, followed by a massive 846 pivot. Now support for the gold MCX is seen at 12029 and below could see a test of 11943. Resistance is now likely to be seen at 12219, a move above could see prices testing 12327.
Trading Ideas:
TRADING RANGE IS 11943-12327.
BUY GOLD @ 12150-165 SL 12090 TGT 12200-235-270-310. MCX(YESTERDAYS BTST)
SELL GOLD @ 12320-350 SL 12390 TGT 12270-12215-12160-12080. MCX
A BREAK OF 12100 IS BEROSH TILL 12000-11860. MCX
CRUDE IS STILL BELOW 120$ CREATING PRESSURE ON BULLION
MCXARUN
9994500540
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