MCX Gold Trend & Weekly Outlook 12 Aug - 17 Aug

The Volume of gold trading in the commodity market is moving down day by day. From the trading volume point of view the gold used to stand among the top 5 futures contract commodities which is now not in the top 10 even. If we see the 2 months before trend of gold trading voulme on MCX, in the early 2 hours of market opening around 10,000 lots were being traded which has reduced to 2000 hardly. The volatile gold prices and the fluctuating currency keeps on restricting the investors away from the gold investment. After the commodity transaction tax the cost of gold trading has increased due to which the intraday traders are keeping themselves away from the gold trading. According to market survey it has been found that the market trading volume has reduced also the revenue was too much low as per the expectations. 

Following the last 3 days market trend gold is now koving up side to recover the prices. Also the RBI has introduced the policy to invest 22,000 crore in the open market so as to support the falling rupww. In the Next Week golf may proceed to move upside. 

MCX Gold Levels for Next Week: Support 27420-27240 Resistance 28140-28350


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