MCX Gold On Thursday, volume remains lower than regular in yellow metal with certain of the major players persistent in holiday mood. The price series is fitted also, but there is certain sustaining associated to uncertainties about whether the United States and China will seal a trade deal after President Donald Trump signed a legislation supporting Hong Kong protesters. On Wednesday, President Trump contracted two bills into regulation that have need of the State Department to confirm, at least every year, that Hong Kong holds sufficient self-sufficiency to explain promising U.S. trading terms. In a statement released by the White House, Trump said, “I signed these bills out of respect for President Xi, China, and the people of Hong Kong. They are actually sanctioned in the expectation that Leaders and Governments of China and Hong Kong will be able to cordially relax their alterations foremost to long term peace and richness for all.”
Yesterday, MCX Gold opened at 37573 it made a high of 37748 and it managed to close around 37723 levels. Currently it is trading range bound as two major economies is not coming to any conclusion and trade deal is yet to be signed and dark cloud on it because President Trump passed legislation supporting Hong Kong protesters. On hourly chart it is trading above 20 & 50 DMA. ADX is currently at 16.95 which suggests no momentum in the market. RSI is currently at 61.45 which indicates some strength in Gold prices. Gold seems to be trade in the range where 37475 act as support level and 38220 level can work as resistance level.