MCX Gold Trend Today & Commodity Trading Tips 21 Oct

Bullion counter is expected to extend last week positive momentum as the end of US shutdown and resolution of debt stalemate supported the prices. Gold can trade in range of 29400--29850.

Gold futures ended Friday’s session lower, but prices were expected to remain supported amid speculation the Federal Reserve will maintain its stimulus program well into 2014 to support the economy following the U.S. government shutdown.

Still the gold has not breached the major support level of 29,100, although the gold has come down to it’s lowest level in the last 2 years. Commodity Experts are expecting that the gold on MCX may suddenly take a U turn in next week. Following the gold trend silver may also trade on the positive bias.
MCX Gold Support & Resistance Level for Today: MCX Gold is most likely to find the support level at around 29400 followed by the strong resistance at around 29800. Traders are advised to initiate the positions with the support & resistance level.

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