Friday, 1 November 2013

Daily Gold Outlook

The MCX Gold December futures has slipped sharply after facing resistance at the higher end of the Bollinger Band on the daily charts.

MCX Gold prices are now close to its major support around the 20-DMA at Rs 29,600-odd levels.

As long as Gold is able to sustain above the 20-DMA on a closing basis, one can expect a bounce back in the following trading sessions.

However, in case, Gold is unable to sustain above the 20-DMA, we can witness a fresh sell-off at the MCX counter.

Following which, Gold prices in Indian Rupees terms may slump to Rs 28,500-odd levels - which is the 200-DMA and slightly lower is the lower end of the Bollinger Band around Rs 28,350.

Click Here for the full analysis.

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