MCX Gold 38660 To Low 37635 If Break 37600 Sell Again 100–200 Lots – Neal Bhai
Gold is currently trading at $1,496 per Oz, representing 0.12% losses on the day, having hit a high of $1,501 in early Asia.
On Thursday, the yellow metal clocked a high of $1,524 before closing largely unchanged at $1,498. Essentially, Gold created a daily candle with a big upper shadow (sell on rise mentality), reinforcing the bearish view put forward by Sept. 6’s double top breakdown.
Read More : MCX GOLD AGAR 37900 KE NICHE close ho jaaye to 100–500 lot aur sell karna
So, a deeper drop to levels below $1,494 – the support of the trendline connecting May 30 and Aug. 1 highs – could be in the offing.
Supporting the bearish case is the below-50 reading on the relative strength index (RSI) and the risk-on sentiment in the financial markets. As of writing, the futures on the S&P 500 are reporting 0.10% gains. The index rallied by 0.29% on Thursday, courtesy of fading trade tensions and European Central Bank’s (ECB) monetary easing.
