MCX GOLD Yellow metal traded higher on Tuesday on a growing expectations for a immense U.S. economic stimulus package to stem the coronavirus outburst's economic toll offset liquidation by investors looking for cash and to cover losses in other assets. Investors has benefited from the anticipation of the considerable spur measures likely to be approved by the United States. Though investors are in dilemma that whether to bullions is still safe haven or should liquidate position and go for hard cash. Senior U.S. Democrats and Republicans said on Tuesday they were close to an agreement on a $2 trillion spur package to limit the pandemic's economic toll. The virus had infected more than 420,000 people across the world by today morning, and along with some other countries even the Indian government has also enforced to lock down whole country for next 21 days.
On the Tuesday, MCX Gold closed at 41379 levels 0.52% higher; yesterday it was opened at 42184 which was identical with the day’s high and it pushed Gold price on the down side to 39929. On the hourly chart MCX Gold is trading above 20 DMA, Super trend line indicates that there is support can be seen around 41000 levels if MCX Gold is trading below super trend line then it can be turned negative. From the RSI front it is trading around 53.43 levels which indicate positivity in the Gold price. It looks like for MCX Gold there will be strong support can be seen around 40800 levels & strong resistance can be seen around 41980 levels.