|MCX GOLD futures Chart Platform Zerodha|
MCX gold is currently trading at 30710, current scenario according to market profile you are looking at breach of point of control. Next target at lower value area I am looking as the possibility .As the sharp correction in USD INR from the leaves of 75, now it is trading at 70.50 area.
Indian business environment looks pretty good looking at the Bank Nifty and Nifty should correction in Gold from the levels of 32000 was on cards.
Assumption if MCX gold reverse back above levels of 31800 , then there we could see your positive rally upside. I will be watching for the crucial support of 30500 levels in gold. So if I have any plan to enter in gold I will try to speak with the trend and will remain short.
Few fundamentals there is no such fundamentals in my mind which driving gold prices lower except if you consider USD index then there will be pretty good logic for this trade to stay on the short side.
For upcoming clue we have to watch in US China trade deals.