Overall trend is bullish for MCX Gold October contract with short term support at 24900 and resistance at 25800 levels, Pratik patel, research analyst at Commodity Online, said.
The trend is also positive for intraday with support at 25500 and resistance at 25800 level, Pratik added. MCX Gold for October delivery has been trading up by 1.00 per cent to 25680 level at 11.45am on Wednesday.
Gold prices in dollars hit a 3-week high early Tuesday, touching $1118 per ounce after Beijing surprised currency traders and analysts by announcing an immediate 2% devaluation in the Chinese Yuan's official exchange rate.
Gold prices for Euro zone investors, in contrast, quickly lost a 1.4% spike to €1013 per ounce, dropping back to struggle just above €1000 as the 19-nation single currency jumped against all major competitors on the FX market.
No comments:
Post a Comment