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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Parag Patil is a technical analyst and trading system designer with stock excel programmer. I hope the articles and live chart of nse future and mcx on this Website will be as helpful and profitable to you . I try to update and post new articles tips everyday. My motto is to encourage the traders, so that they should able to understand the technique views behind the moment of stocks. I have deeply analyzed with many technical indicator with parameter and added to my amibroker afl. And even taken backtest report which is never being implemented. Any of the analyst expect me. Seeing all this you may understand that my views is more technical than commercial. If you are profited by my views I fill happy.
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