The MCX Gold December futures has rallied around 4 per cent each in back-to-back weeks in anticipation of heavy demand during the festive season in India.
From its recent lows of Rs 28,300-odd levels, the Gold prices in India have now once again jumped to near about Rs 31,000-level.
However, given the steep rally, select momentum oscillators on the daily charts have entered over-bought territory. Hence, one needs to cautious at higher levels.
While given the festive season, physical demand for Gold is likely to remain high. But, fresh weakness in dollar and fall in international prices can trigger a sharp correction in the Gold prices.
Technically, MCX Gold December futures need to break and sustain above the Rs 31,000-level for fresh gains.
Click Here for the detailed weekly analysis.
From its recent lows of Rs 28,300-odd levels, the Gold prices in India have now once again jumped to near about Rs 31,000-level.
However, given the steep rally, select momentum oscillators on the daily charts have entered over-bought territory. Hence, one needs to cautious at higher levels.
While given the festive season, physical demand for Gold is likely to remain high. But, fresh weakness in dollar and fall in international prices can trigger a sharp correction in the Gold prices.
Technically, MCX Gold December futures need to break and sustain above the Rs 31,000-level for fresh gains.
Click Here for the detailed weekly analysis.
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