mcx gold intraday resistance at 26165


Mcx gold Oct future is trading at 26070 with flat loss. For intraday gold outlook is bullish and prices are near breakout levels. 26165 is upper range of 5 days trend channel if gold prices gives breakout above this levels on price and volume then this will be first step toward target of 27k target zone.
On downside, 25750 and 25550 are support zones and reentry levels for fresh buyers with strict stop loss in place.
25550 is 1-month trend channel support level and most important level from short to medium term view.
Weekly trend channel chart suggesting bottoming out pattern from medium term view. On weekly chart gold prices target levels comes around 27k to 27350+.
Fundamentally, weak rupee and risk on buying might help gold prices to recover. Expect high volatility moves and keep buy near support strategy for gold future.

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Pramod Baviskar

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