Commodities
Gold Futures Remain Above Crucial Support Level
Gold futures on the Multi Commodity Exchange (MCX) have been trading within a narrow range of ₹1,50,000 to ₹1,55,000 since the start of this month. However, the contract remains above its key support level at ₹1,50,000, which suggests that the probability for a rally is high.
The support level at ₹1,50,000 is crucial, and as long as it holds, gold futures can potentially move up to ₹1,67,000. However, if this support is breached, the contract can decline to ₹1,44,000.
A trade strategy suggests retaining long positions in gold (Oct) futures at ₹1,52,700 with a stop-loss at ₹1,49,000. When the contract reaches ₹1,60,000, the stop-loss should be revised to ₹1,55,000. Profits can be booked at ₹1,67,000.