Commodity market has reported gains yet another week for Gold MCX with mounting worries over the U.S.’s credit rating and dismal US jobs report. In tomorrows trading session the bullion metals has touched a record high today and this made Gold MCX show noted gains in the market. MCX Gold report for Indian gold mcx markert has ended at INR 23071, up by 2.67 percent over the week. Though for Gold MCX 23600 is the next projected target it is possible to see a pull back initially with our without a rise towards 23280/23300. If for Gold MCX initial dip extends beyond 23160 it is likely possible recover, expect panic long liquidation which could target 23090/50 or even 22900.
GOLD MCX (AUG)
Intraday Trend : Consolidate
Near Term : Moving Upward
R3 23423/23502
R2 2383
R1 23281/301
Pivot 23160-23280
S1 23160/23050
S2 22903
S3 22803/732/681
