MTECHTIPS:-MCX Gold short term negative; Support at 26200

MTECHTIPS:-MCX Gold short term negative; Support at 26200

old prices. Movement of local currency rupee will affect bullions in MCX. Pratik Patel, research analyst at MCX, said MCX Gold August contract may trade negative for short terms and sideways for intraday. Short term support is seen at 26200 and resistance at 27000. Intraday support can be found at 26500 with resistance at 26700. MCX Gold August contract was trading up by 0.17 per cent to 26642 levels on Wednesday(12.30pm). Gold prices have eased as the euro slid sharply against the US dollar, and as stock markets rallied on hopes that Greece would reach a deal with its creditors to stave off default. The metal fell for the third straight session, leaving gold vulnerable to pressure from other factors, such as the prospect of the first US interest rate rise from the Federal Reserve in nearly a decade. That would boost the opportunity cost of holding non-yielding bullion. Strength in the US dollar, which is benefiting from upbeat US data, further pressured gold, which is priced in the US unit and tends to gain when the currency is weak. The euro was down 1.6 per cent versus the dollar, on track for its biggest one-day drop in three months.

WWW.MTECHTIPS.COM
07489294118-119

Post Comment