Gold
Gold price opened higher as Dow Jones tanked and still trading more than 1% down from Friday’s closing. Dow Jones trading near very crucial level of 26000. This is a very important psychological level to hold. If Dow Jones break and sustain below then we may see more downside in dow jones and it may lead good levels in gold price.
Last week despite very good jobs data dollar index did not show any strength and gold price fired. As discussed in my weekly youtube video we may have a double bottom on our hand. But for that we need to save 1265$ level which seems safe for at least today.
Currently gold price is trading in a small range since morning. We need to break some support & resistance in order to determine the trend for today. Xauusd narrow range is big problem now days as it does not give clear idea about trend of market.
Currently gold price is trading at 1282.20$. Good support in xauusd chart stands at 1275$. If market break and sustain below 1275$. Then expect good pressure in gold till 1267$- 1260$ today.
Resistance in gold chart stands at 1291$. If market break and sustain above 1291$. Then expect good rise in xauusd till 1299$- 1307$.
Conclusion: Currently Intraday gold price trend is flat to positive for now. Buy in dips would be good idea. Avoid major selling on these levels.
For Mcx intraday trading levels watch my youtube video here
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