Gold
On Tuesday, Gold remained steady with the yellow metal set to register the best year since 2010. Spot Gold was trading up by $5.94 at $1,521.02 whereas, Comex Gold Future was trading up by $5.45 or 0.36% at $1,524.25 per ounce.
MCX Gold has shown positive movement from lower levels during yesterday’s session and closed at 38,994 levels. Gold price has given a breakout of its horizontal trend line at 38,300 levels on the hourly chart. MCX Gold price has given a breakout of its falling trend line on the hourly chart at 38,200.
In addition, gold price is trading above its Super trend indicator, which suggests that the short-term trend remains up. Momentum indicator MACD has given a positive crossover on the hourly chart, which also indicates an upside in the prices. Momentum indicator RSI has moved above 60 levels in on the hourly chart, which also supports our bullish view on the commodity. Based on the above technical parameters, Gold is looking bullish with a potential to reach 39,300.
On Tuesday, Gold remained steady with the yellow metal set to register the best year since 2010. Spot Gold was trading up by $5.94 at $1,521.02 whereas, Comex Gold Future was trading up by $5.45 or 0.36% at $1,524.25 per ounce.
MCX Gold has shown positive movement from lower levels during yesterday’s session and closed at 38,994 levels. Gold price has given a breakout of its horizontal trend line at 38,300 levels on the hourly chart. MCX Gold price has given a breakout of its falling trend line on the hourly chart at 38,200.
In addition, gold price is trading above its Super trend indicator, which suggests that the short-term trend remains up. Momentum indicator MACD has given a positive crossover on the hourly chart, which also indicates an upside in the prices. Momentum indicator RSI has moved above 60 levels in on the hourly chart, which also supports our bullish view on the commodity. Based on the above technical parameters, Gold is looking bullish with a potential to reach 39,300.
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