MCX Gold Outlook and Trading Strategies.

By looking at Daily MCX charts MCX Gold is expected to trade with a negative bias, taking cues from dollar strength. A stronger dollar makes dollar-denominated commodities look expensive for holders of other currencies.

MCX GOLD Weekly Price Performance - Spot gold prices declined sharply by 3.7% w-o-w and MCX Gold December contract dropped around 1%.

Factors which influenced prices : 
• Despite rising concerns with respect to the European economies, gold prices came under pressure due to strength in the US dollar.
• Uncertainty in the global markets led to selling pressure.
• The Indian Rupee depreciated sharply which resisted further decline on the domestic bourses.

Trading Strategy : 
Sell MCX Gold December Between 28800-29000, SL-29560, Target -28100/27300.