MCX Tips

Gold has tested the higher end of the trading band in the early part of the week, and hence now one can expect some profit taking around the same levels.

In our weekly outlook, we had mentioned that Gold February futures may face resistance around Rs 32,850-odd levels. Yesterday, the February futures made a high of Rs 32,830, and then retraced a wee bit.

In trades today, so far, Gold February has made a high of Rs 32,813. One can expect considerable resistance around Rs 32,830-odd levels, above which the next hurdle is placed at Rs 32,880. On the downside, Gold can slip to Rs 32,600-odd levels.

In today's outlook, the Gold MCX February futures may face resistance around Rs 32,830-32,850-32,880. On the downside, Gold MCX may seek support around Rs 36,650-32,630-32,600.

The corresponding key levels for Gold Mini December futures are as follows - support at Rs 32,260-32,230-32,200, while face resistance around Rs 32,450-32,485-32,515.