MCX GOLD FUTURES IS LIKELY TO TRADE CHOPPY
MCX Gold futures have witnessed a see-saw ride in Indian market for last few days, with volatility weighing downward the market after US-non farm data was released in first week on March.
MCX gold is likely to continue consolidation and range based trading for the current week due to uncertainties over the Eurozone debt crisis issue. Strong support for Gold futures April contract is seen at Rs 27500 and resistance stays at Rs 27950
Trading Recommendation
Buying on dips can be strategy for coming days until prices stay above Rs 27720. A choppy session is expected on Wednesday. Breakout from either side of Rs 27750-Rs 27940 range is now compulsory for confirming further directional moves in trend and until then gold prices are expected to stay range bound.
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