mcx gold intraday

Gold is registering its third down week in a row, off of a high of 988. This is the first time we have seen three consecutive down weeks since May 2007. One has to look all the way back to March/April 2006 to see five consecutive weekly down candles. This moving average appears pivotal, with a break leading to 874 and possibly 858, the June low. Only a move back above 935 will neutralize the overall bearish picture. Now support for the gold MCX is seen at 12483 and below could see a test of 12366. Resistance is now likely to be seen at 12704, a move above could see prices testing 12808.

Trading Ideas:

TRADING RANGE IS 12366-12808.
BUY GOLD OCT ABV 12630 SL 12600 TGT 12672-12690-12726. MCX
IMPORTANT RANGE IS 903-920$

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