Gold Continues To Move Sideways
The Hindu Business Line|December 02, 2019
February contract of the yellow metal oscillates between ₹37,500 and ₹38,950
Akhil Nallamuthu
Gold Continues To Move Sideways

MCX COMDEX, the composite commodity index of the Multi Commodity Exchange of India (MCX), at 3,846, declined in the past week. This was due to a weak crude oil price, the index’s largest component with 33.2 per cent weight.

MCX-Crude (₹3,980)

The December futures contract of crude oil had been moving in a sideways trend for most part of the last week. Unable to crack the resistance at ₹4,200, the contract declined on Friday and closed the week at ₹3,980. This level also coincides with the 50-day moving average, from where the contract took support and bounced two weeks ago.

Thus, the contract seems to form a range between ₹3,980 and ₹4,200, and unless it moves away from this range, the next leg of the trend is less likely to be established. There is a down-tick in the daily relative strength index (RSI), and the moving average convergence divergence, too, shows weakness.

If the contract breaks below ₹3,980, it has immediate support at ₹3,870. Below that, the contract might weaken to ₹3,700 over the medium term. On the upside, the resistance beyond ₹4,200 is at ₹4,314.

MCX-Gold (₹38,004)

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