After declining almost 4 per cent last week, the MCX Gold futures have started the week on a cautious note with a gain of 0.5 per cent on Monday.
There are two positive developments for the MCX Gold futures - one each on the daily and the weekly charts.
As per the daily charts, the MCX Gold April futures have bounced back after testing support around the lower-end of the Bollinger Band at Rs. 26,765-odd levels.
Hence, one can expect Gold futures to seek support around Rs. 26,700-odd level as per the daily charts.
Secondly, Gold futures seem to be finding support around the 20-WMA (Weekly Moving Average) at Rs. 26,850-odd levels.
Given the duo-support factor, Gold prices may not witness a steep fall in the recent days.
As per the daily charts, Gold futures can test the 50-DMA on the upside at Rs. 27,100-odd level, above which it may or target the 50-WMA at Rs. 27,550-odd level.
As per the daily Fibonacci charts, the MCX Gold April futures are expected to seek support around Rs. 26,884-26,865-26,845, while face resistance around Rs. 27,005-27,023-27,042 today.
The weekly Fibonacci charts, indicates support for Gold futures around Rs. 26,355-26,220-26,080, and resistance around Rs. 27,245-27,385-27,525.
The MCX Gold futures so far has given a mixed signal, by registering the day's high at the opening bell at Rs. 26,963 (open and high are same) - which is a bearish indicator. On the other hand, Gold has taken support around the daily S-2 (support) at Rs. 26,865 (day's low so far Rs. 26,871).
One needs to keep a close eye on the daily S-2 and S-3, in case, Gold breaks below daily S-3, the contract may witness a steeper fall towards Rs. 26,700-odd levels.
Happy Trading till then.
There are two positive developments for the MCX Gold futures - one each on the daily and the weekly charts.
As per the daily charts, the MCX Gold April futures have bounced back after testing support around the lower-end of the Bollinger Band at Rs. 26,765-odd levels.
Hence, one can expect Gold futures to seek support around Rs. 26,700-odd level as per the daily charts.
Secondly, Gold futures seem to be finding support around the 20-WMA (Weekly Moving Average) at Rs. 26,850-odd levels.
Given the duo-support factor, Gold prices may not witness a steep fall in the recent days.
As per the daily charts, Gold futures can test the 50-DMA on the upside at Rs. 27,100-odd level, above which it may or target the 50-WMA at Rs. 27,550-odd level.
As per the daily Fibonacci charts, the MCX Gold April futures are expected to seek support around Rs. 26,884-26,865-26,845, while face resistance around Rs. 27,005-27,023-27,042 today.
The weekly Fibonacci charts, indicates support for Gold futures around Rs. 26,355-26,220-26,080, and resistance around Rs. 27,245-27,385-27,525.
The MCX Gold futures so far has given a mixed signal, by registering the day's high at the opening bell at Rs. 26,963 (open and high are same) - which is a bearish indicator. On the other hand, Gold has taken support around the daily S-2 (support) at Rs. 26,865 (day's low so far Rs. 26,871).
One needs to keep a close eye on the daily S-2 and S-3, in case, Gold breaks below daily S-3, the contract may witness a steeper fall towards Rs. 26,700-odd levels.
Happy Trading till then.
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