At Indias Multi Commodity Exchange (MCX), gold for December delivery is slightly up by 0.06% at Rs 29775 after hitting a high of 29876 per 10 grams. Since last week, gold has been extending an uptrend, exhibiting sideways to bullish trend due to seasonal demand just ahead of Diwali festivities and shortage of bullion in the market, observers said. The trend in gold futures for December delivery on Indias Multi Commodity Exchange (MCX) looks sideways to bullish for the day. Intra-day traders are advised to use buy on dip strategy. For intra-day, support for the commodity is seen at 29700 and below that it may test level of 29500 while resistance is seen at 29900 and above that it may test level of 30100, said Amrita Mashar
Posted on: Thu, 24 Oct 2013 08:42:09 +0000