Gold bearish; MCX Gold may trade down on weak fundamentals

MUMBAI-INDIA (Aug 6) Gold edged down on Tuesday amid positive manufacturing data releases from the United States and UK. US gold (Comex gold) has breached the important psychological support level of $1300 on Tuesday and below this, it is expected to retreat towards $1270 level. The yellow metal is expected to trade below $1300 level for the day.

Gold futures for December delivery on Globex platform of Comex was seen trading down by 1.12% at $ 1288.60 per troy ounce as of 05.09 PM IST on Tuesday.

MCX Gold

Gold futures for October delivery on India's Multi Commodity Exchange (MCX) looks negative and expected to continue with the trend for day. Intra-day traders are advised to sell at higher levels, according to our analyst at Commodity Online.

“For intra-day, support for the commodity is seen at 27700 and 27500 levels while resistance is seen at 27900 and 28200 levels,” said Tarang Parmar, Research Analyst at Commodity Online.

MCX gold for October delivery was seen trading down by 0.41% at Rs.27748 per 10 grams as of 05.03 PM IST on Tuesday.