MCX Gold On Thursday, steep fall was seen in the MCX Gold closed almost 1.76% lower than previous close. Yesterday it opened around 38245 levels on MCX open & high for the day was same and then fell it to 37520 level and managed to close around 38575 levels. Precious metal given steep fall due to hope of two major economies have settled to roll back tariffs on each other’s goods as part of the first phase of a trade deal, officials from both sides said on Thursday. Offer a new sign of improvement in spite of current separations about the months-long clash. However, the 'phase one' deal faced aggressive inside disagreement at the White House and from external advisers over worries whether rolling back tariffs will give away U.S. influence in the talks. The trade war between the two economies has mixed financial markets and encouraged uncertainties of overall economic slowdown, insistent the yellow metal more than 14% upper side this year.
On the charts, MCX Gold closed below its strong support level yesterday. MCX Gold was traded in range of 37680 to 38630 levels since more than last one month. But yesterday it did gave breakout below the support level and closed at 37546 levels. On the hourly charts, it is trading below its 20 & 50 daily moving averages and currently RSI is currently at 42.37 levels and ADX is currently at 32.35 level. If it will sustain below the 37600 level then we shouldn’t be surprise if we’ll see 37310 level.