It is technical: MCX Gold may breach all-time high of Rs.32,464 in 1 month

MUMBAI-INDIA  (Aug 21)   MCX gold futures may breach the all-time high of Rs.32,464 that it touched in November 2012 within a month, according to Dharmesh Bhatia, Deputy Vice President, Kotak Commodities Services Ltd.

The prices are exhibiting strong uptrend and seen forming higher tops and higher bottoms in charts, he said.

To-date, prices of bullion on MCX has climbed by 24% since its decline to 24,830 on June 28 as Rupee slumped to a record low.

“After creating a two-year low at 24,830 rupees, MCX gold has given a sharp pull back rally and closed last week above the upward sloping trend channel,” he said and was quoted by Bloomberg as saying.

“There is a strong psychological support seen at 30,000 rupees. There will be some consolidation over the next two to three days and prices will zoom to new highs once it breaches the 31,500 rupees level,” he continued to note.

MCX gold for October delivery on the MCX was seen trading up by 1.24% at Rs.31192 as of 05.29 PM IST.