Gold Technical Comment For 01 July 2015

Gold for August expiry closed below Rs 26500 per 10 grams. The prices are in a higher lows and lower highs pattern. This means that any spike in the prices will be sold by the traders. On the higher side, the breach of Rs 26600 per 10 grams is immediate resistance. On the lower side, the supports of Rs 26400 per 10 grams are active in Gold. The declines in the metal have come with high volumes meaning that the short positions are active. MCX Gold closed at Rs 26471 per 10 grams on Wednesday, with volumes at 15499 against 13743 on 29 June 2015
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