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Thursday 23 July 2015

MCX Gold Bearish mode and short term support 24500 for 23 july 2015

Stronger dollar index and fear of interest rates hike in US are keeping Gold prices under pressure. MCX Gold is bearish for both short term and intra day. Support for short term is found at 24500 and resistance at 25000. Intra day support is at 24600 and resistance is 24880. Gold marked its 10th straight day of losses Wednesday, in the longest losing streak for the precious metal in almost 20 years. Physical demand for gold in China is down 9 percent. Worldwide, demand for gold coins, gold bars down 17 percent this year. The commodity fell as low as $1,080 on Wednesday, reaching new five-year lows. Gold is down 5 percent on the week and has lost 8 percent on the year. If gold were to finish the year at its current level, it would mark the first time it has posted three straight years of losses since 1996, according to SMC Global.


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