MCX Gold bullish, short covering expected; resistance 26700

For intra-day, support for the commodity is seen at 26300 while resistance is seen at 26700. MCX gold for August delivery was seen trading down by 0.80% at Rs.26463 per 10 grams as of 04.59 PM IST on Friday.


MUMBAI : The trend in gold futures for August delivery on India's Multi Commodity Exchange (MCX) looks bullish and short covering is expected in the evening session.

?For intra-day, support for the commodity is seen at 26300 while resistance is seen at 26700,? said Amrita Mashar, Research Analyst at Commodity Online.

MCX gold for August delivery was seen trading down by 0.80% at Rs.26463 per 10 grams as of 04.59 PM IST on Friday.

Gold in the international market slipped after recording biggest weekly gains since 2011. Earlier this week, the yellow metal rose as Ben Bernanke hinted that the US Federal reserve would continue with its existing monetary stimulus.

Gold futures for August delivery on Globex platform of Comex was seen trading down by 0.76% at $1270.45 per troy ounce as of 05.15 PM IST on Friday.

Gold markets across the Middle East are geared up for the Ramadan sales which normally provides a much needed boost to annual sales of the region.

The holy month of Ramadan came after global markets witnessed price plunges twice since the new year but now the prices are recovered.