MCX Gold Price In this Week slump hitting a five-year low despite economic uncertainty in some regions.the gold price declined in the first half of 2015 which surprised the market.
Current market risks seem to be contained to either a sector or a region we believe that the gold price already reflects a possible rate hike later this year and that the US-centred perspective is missing a more comprehensive view of the market.
MCX Gold ended weak on Wednesday and could remain range bound to weak on Thursday.COMEX Gold could remain range bound to weak However, a weaker Dollar on Thursday could limit downside.Key support now is at 1086.0. Key resistance is at 1108.
Sell MCX GOld (Aug) @ 24800
Target at-24650/24482
SL at-24950
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