LMEThe MCX Gold April futures yesterday closed below the 20-DMA (Daily Moving Average) for the first time in 22 trading sessions. Select key momentum oscillators like the MACD (Moving Average Convergence-Divergence), the 14-day RSI (Relative Strength Index) and the Stochastic Slow have all given a negative divergence. The ADX (Average Directional Index), however, is still positive.
GOLD APR. : SIDEWAYS RESISTANCE 2 : 30550 RESISTANCE 1 : 30350 SUPPORT 1 : 30100 SUPPORT 2 : 29950 SILVER MAY. : SIDEWAYS RESISTANCE2 : 46700 RESISTANCE1 : 46300 SUPPORT1 : 45550 SUPPORT2 : 45100 COPPER APR. : SIDEWAYS RESISTANCE2 : 407 RESISTANCE1 : 404 SUPPORT1 : 400 SUPPORT2 : 397 CRUDE MARCH. : SIDEWAYS RESISTANCE2 : 6170 RESISTANCE1 : 6120 SUPPORT1 : 6040 SUPPORT2 : 5990
The short-term bias is likely to favour the bears, as long as Gold futures trade below Rs 30,350-odd levels. On the downside, Gold futures can slide to Rs 29,800-odd levels in the near term. MCX Gold April futures today may seek support around Rs 30,115-30,085-30,060, while face resistance around Rs 30,295-30,325-30,350