The NYMEX Gold April futures have shed 4.6 per cent in the last two weeks, and given a clear sell signal on the daily charts.
As per the daily charts, NYMEX Gold futures have broken below the lower-end of the Bollinger Band which is at $ 1,240.
Going ahead, the near term bias is likely to favour the bears as long as Gold trades below $ 1,240 per ounce.
In other words, the NYMEX Gold contract needs to bounce back above the lower-end of the Bollinger Band at $ 1,240 for fresh gains to emerge.
On the positive front, Gold futures for the last three trading sessions have managed to find support around the 50-DMA at $ 1,232.
Today in the day, so far, Gold April futures have touched a low of $ 1,234.50, and are now trading with a gain of 0.3 per cent at $ 1,238.
In case, Gold futures manage to break above $ 1,240, the contract may spurt towards the 200-DMA (Daily Moving Average) at $ 1,247.
The medium-term trend is negative as Gold futures have retreated after testing resistance around the higher-end of the weekly Bollinger Band at $ 1,291-odd level. The weekly charts indicate a correction towards $ 1,213-odd levels.
As per the weekly Fibonacci charts, the NYMEX Gold April contract may seek support around $ 1,218.83-1,208.95-1,201.95, while face resistance around $ 1,260.37-1,267.25-1,274.25.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence), the ADX (Average Directional Index) and the Stochastic Slow are all in favour of the bears on the daily charts. The 14-day RSI (Relative Strength Index), however, is in neutral mode.
Meanwhile, the MCX Gold April futures have gained 0.5 per cent at Rs. 26,950.
As per the daily charts, NYMEX Gold futures have broken below the lower-end of the Bollinger Band which is at $ 1,240.
Going ahead, the near term bias is likely to favour the bears as long as Gold trades below $ 1,240 per ounce.
In other words, the NYMEX Gold contract needs to bounce back above the lower-end of the Bollinger Band at $ 1,240 for fresh gains to emerge.
On the positive front, Gold futures for the last three trading sessions have managed to find support around the 50-DMA at $ 1,232.
Today in the day, so far, Gold April futures have touched a low of $ 1,234.50, and are now trading with a gain of 0.3 per cent at $ 1,238.
In case, Gold futures manage to break above $ 1,240, the contract may spurt towards the 200-DMA (Daily Moving Average) at $ 1,247.
The medium-term trend is negative as Gold futures have retreated after testing resistance around the higher-end of the weekly Bollinger Band at $ 1,291-odd level. The weekly charts indicate a correction towards $ 1,213-odd levels.
As per the weekly Fibonacci charts, the NYMEX Gold April contract may seek support around $ 1,218.83-1,208.95-1,201.95, while face resistance around $ 1,260.37-1,267.25-1,274.25.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence), the ADX (Average Directional Index) and the Stochastic Slow are all in favour of the bears on the daily charts. The 14-day RSI (Relative Strength Index), however, is in neutral mode.
Meanwhile, the MCX Gold April futures have gained 0.5 per cent at Rs. 26,950.
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