MCX gold August contract may trade in a range between Rs 30200 and Rs 30500. The Reserve Bank of India has left all key bank rates unchanged. This may lead to depreciation of rupee against dollar and prevent gold prices from falling sharply in India.
We expect prices to trade in higher levels for the near term. But for intraday, prices have to make accomplish trades above 30320 region to rematerialize buying sentiments towards 30400-30600. Anyhow, failed attempts to break 30400 region could liquidate buying pressure and find support at 30080-30770 or even lower towards 30640.
Intraday Tips: Buy is advised above 30400 with a stop at 30250, else below 30112 go for sell with a stop at 30340.
