Gold:-
On Thursday, gold moved up as Fed held key rates unchanged. Spot Gold was trading up at $1,465.09 whereas Comex Gold Future was trading up 0.28% at $1,479.15/ounce.
MCX gold price has shown positive movement form lower levels during Wednesday’s session and closed at 37,699 levels. Gold price has taken support of its falling channel pattern at 37,500 levels on the daily chart. MCX Gold price has taken support of its falling trend line on the hourly chart at 37,550.
In addition, gold price is trading above its 20-day moving average, which suggests medium term trend remains up. Momentum indicator MACD has given positive crossover on the hourly chart, which also indicates the upside move in the prices. Momentum indicator RSI has moved above 40 levels in on the hourly chart, which also supports our bullish view in the commodity. Based on the above technical parameters, gold is looking bullish with a potential to reach 37,900.
On Thursday, gold moved up as Fed held key rates unchanged. Spot Gold was trading up at $1,465.09 whereas Comex Gold Future was trading up 0.28% at $1,479.15/ounce.
MCX gold price has shown positive movement form lower levels during Wednesday’s session and closed at 37,699 levels. Gold price has taken support of its falling channel pattern at 37,500 levels on the daily chart. MCX Gold price has taken support of its falling trend line on the hourly chart at 37,550.
In addition, gold price is trading above its 20-day moving average, which suggests medium term trend remains up. Momentum indicator MACD has given positive crossover on the hourly chart, which also indicates the upside move in the prices. Momentum indicator RSI has moved above 40 levels in on the hourly chart, which also supports our bullish view in the commodity. Based on the above technical parameters, gold is looking bullish with a potential to reach 37,900.
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