MCX TIPS 23 sep

MCX,MCX TIPS, mcx trend today, mcx gold tips, mcx silver tips 23 sep

MCX GOLD: The commodity may be preparing to end the week lower if a follow through on its Thursday losses continues.Gold remains weak and continues to target lower level prices having triggered a corrective weakness off the 1,920.50 level in early Sept’2011. A push further lower will bring the 1,702.31 level, its Aug 25’2011 low into focus with a loss of that level opening the door for further declines towards the 1,632.60 level, its July 29’2011 high. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, the commodity will have to break and hold above 1,920.50 level, its 2011 high to reverse its losses and resume its long term strength (now on hold) towards the 1,950 level followed by its big psycho level at 2,000. We expect this level to present a considerable resistance and turn the commodity back lower if tested. 

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