MCX Gold may trade bullish supported by global cues:-
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MUMBAI : The trend in gold futures for August delivery on India's Multi Commodity Exchange (MCX) looks bullish for the day and intra-day traders are advised to buy on dips.
“For intra-day, support for the commodity is seen at 27300 while resistance is seen at 27800,” said Amrita Mashar, Research Analyst at Commodity Online.
MCX gold futures for August delivery was seen trading down by 0.04 % at Rs. 27571 per 10 grams as of 05.32 PM IST on Tuesday.
Gold in the international edged up on Tuesday and was seen trading near one month high supported by the weak US Dollar and strong buying from China. The yellow metal was also seen supported by the recent comments from the US Federal Reserve Chairman Ben Bernanke.
Gold futures for August delivery on Globex platform of Comex was seen trading down by 0.61% at $1328.25 per troy ounce as of 05.35 PM IST on Tuesday.
Gold prices in the global market were also supported by an unexpected decline in US home sales. In the United States, existing-home sales declined in June but have stayed well above year-ago levels for the past two years, while the median price shows seven straight months of double-digit year-over-year increases, according to the data released by the National Association of Realtors on Monday.
Total existing-home sales, which are completed transactions that include single-family homes, town homes, condominiums and co-ops, dipped 1.2 percent to a seasonally adjusted annual rate of 5.08 mn in June from a downwardly revised 5.14 mn in May, but are 15.2 percent higher than the 4.41 mn-unit level in June 2012.
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