MCX Gold Price Forecast: Gold is trading at 2.5 year low in COMEX. The big news is GBP falling to an all time low after unveiling a mini budget on Friday. Indian rupee followed its peers and opened at fresh all time low giving some cushion to gold prices in MCX. Looks like this dollar rally is not peaking.
The current market environment will likely remain unsettling. With the Dow touching the lowest level of the year on Friday and more volatility ahead, gold is unlikely to see a strong rally in the short term. $1602 is the new support and breach below that would push prices to $1580—$1570. The only positive note for gold is that these levels have attracted buyers. It makes physical gold cheaper but the issue is weak currency is not making gold cheaper to all countries as their currencies are also depreciating. 48700 is the support in MCX while 50200 is the resistance. Any dip near 48820 — 48550 should be used as an entry point for a long position in gold.
MCX GOLD POSITIONAL TRADING TIPS
MCX GOLD BEST BUYING ZONE 48820——48550 TARGET PRICE 49700 ——50500——51000 SL 48300
