Gold Technical Comment For 16 July 2015

Gold prices ended the trades of 15 July 2015 with minor weakness at Rs 25847 per 10 grams against Rs 25927 per 10 grams. These are the lowest levels of Gold seen since March 2015. The prices of MCX Gold tested a high of Rs 25970 per 10 grams, while low for Gold was at Rs 25764 per 10 grams. Further weakness is likely to take the prices in unchartered territory. The volumes in Gold have been increasing an indicator of the trading interest still favoring short positions. Yesterday, volumes of Gold were at 11648 against 10572 on 14 July 2015. Breaching Rs 25880 per 10 grams would mean declining below the trend line support, which can take yellow metal towards Rs 25700 per 10 grams.
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