MCX Gold is attempting a relief bounce after yesterday's sharp selloff.
Price has reclaimed the short-term moving averages, but the real test lies ahead. The 158,500–160,000 zone remains a strong supply area where sellers previously regained control.
Today's move looks more like short covering than a confirmed trend reversal.
Key levels:
• Support: 155,300
• Immediate resistance: 158,500
• Major resistance: 160,000
A sustained move above 160,000 could shift momentum back toward buyers.
Until then, gold remains in recovery mode inside a broader consolidation range.
Markets are not chasing safety today.
They are waiting for the next signal from yields, the dollar, and global risk sentiment.
Price has reclaimed the short-term moving averages, but the real test lies ahead. The 158,500–160,000 zone remains a strong supply area where sellers previously regained control.
Today's move looks more like short covering than a confirmed trend reversal.
Key levels:
• Support: 155,300
• Immediate resistance: 158,500
• Major resistance: 160,000
A sustained move above 160,000 could shift momentum back toward buyers.
Until then, gold remains in recovery mode inside a broader consolidation range.
Markets are not chasing safety today.
They are waiting for the next signal from yields, the dollar, and global risk sentiment.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.