Posted by 
MUMBAI, Dec 26 (www.GoldTradingCalls.com) MCX gold futures after making an intermediate bottom at INR 16,485 on Dec 22 and is on corrective rally for the next 2-3 week period.
This was in line with were slightly higher in early trade on Thursday trade tracking international cues, though a firm rupee limited gains, International gold prices inched up closer to $1,100 per ounce on Thursday as a recent drop to seven-week lows spurred some bargain hunting in a holiday-thinned market.
”MCX gold futures were higher in line with international markets,” said an analyst with Karvy Comtrade Ltd. The Indian rupee gained on Thursday in line with regional peers and tracking gains in other Asian shares, with traders eyeing the local stocks open after they rose to their highest close since mid-October.
Traders are requested to trade on the long side and use any correction to place themselves on the long side of the trade. MCX Gold futures would face resistance first at INR 17,000/- and then at INR 17,200/-.
Happy Trading
