MUMBAI (Commodity Online): The trend in gold futures for August delivery on India's Multi Commodity Exchange (MCX) looks sideways to bullish for the day and intra-day traders are advised to stay on buy side.
“For intra-day, support for the commodity is seen at 26750 and below that it could test level of 26500 while resistance is seen at 27000,” said Amrita Mashar, Research Analyst at Commodity Online.
MCX Gold Tips for August delivery was seen trading up by 0.17% at Rs.26700 per 10 grams as of 02.11 PM IST on Monday.
Gold in the international market rose on Monday as US Federal Reserve Chairman recently hinted that the Central Bank may continue with its existing monetary stimulus. Prices were also buoyed as Chinese GDP data for the second quarter matched expectations at 7.5 percent.
Meanwhile, holdings in SPDR Gold Trust, the world's largest gold-backed ETF, are near four-year lows.
The fund has seen outflows of over 13 million ounces, or about $17 billion at current prices, so far this year.
Trading volumes on the Dubai Gold and Commodities Exchange (DGCX) in the first half of 2013 registered a substantial year-on-year growth of 101%, reaching 7,716,340 contracts valued at US$ 268.85 billion. The significant increase was led by currency volumes, which were up 112% from H1 2012.
Gold futures for August delivery on Globex platform of Comex was seen trading up by 0.29% at $1281.15 per troy ounce as of 02.25 PM IST on Monday.
This week, MCX gold for August delivery is expected to trade sideways to positive and may witness short rallies. Support and resistance levels for the week are...
-- Support: 26320, 25910
-- Resistance: 26990, 27100