Precious Metal::: The adaptation of 'calm' approach on trade deal negotiation between U.S. and China by revoking the tariffs levied earlier in phases have accelerated the greenback index but the previous metal has started losing its shine. Market veterans are betting that the clouds of pessimism that were hovering and signaling for more shrinkage in economies will blow off.
MCX Gold is trading at 38.050 levels, 0.5% below from its previous close. On hourly scale, the precious metal has witnessed a steep fall after sensing resistance from 38,594 levels. RSI is trading near 44 levels but likely to extend shrinkage after slipping below 40 levels. Stochastic oscillator is hinting for continuation of bearish momentum.