Spot MCX Gold extended its previous session’s spiky sell off, undermined by a strong US dollar and concerns over the outcome of Euro Union meeting this week. In today’s early trade, the Euro edged lower near around four month lows while the dollar surged and hit a 20 month crest against most of its peers.

Investor worries over a possible exit of Greece from the Euro region and its impacts on the global economy pressurized the currency and raised the safe haven appeal of US dollar. More Information about gold tips for today visit my site

Present chart structure is not significant for any directional moves but if it stays below 1562, then we will retain our bearish sentiments towards 1541/1520 levels on a short term. However an unexpected twist, if turned up without violating 1541 would be an early signal of reversal and stretch the thrust towards 1580/1597.
Trading strategies of mcx gold:

* Key levels for the day: Upside: Immediate 1572 then 1596-1606 regions. Strong: 1620/1652/1672.

* Downside immediate: 1552 then 1541/1530. Strong levels 1515 /1508/1480 long term 1390

* Buy on dips to 1531 target 1552 SL below 1519

* Buy on dips 1552 target 1570 SL 1540. Buy above 1572 target 1596 SL below 1561.

* Buy above 1620 target 1630/1645 SL below 1605. Sell on rallies to 1604 target 1568 SL 1621.

* Sell on pullbacks to 1568 target 1552 SL above 1582. Sell on pullbacks to 1596 target 1572 SL above 1608

* Sell below 1552 target 1530 SL above 1574. Sell below 1508 target 1480/1458 SL1545.

* Sell on pullbacks to 1630 target 1600 SL 1645.

* Expect an initial upside followed by a consolidation and drift prices lower.

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