MCX Gold Analysis & Economic Outlook: Feb 25 – Mar 1, 2024

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Analyzing Gold’s Technical Trends and Economic Influences

MCX Gold is currently moving within a parallel channel, suggesting potential upticks to 63600 – 64160 – 65000 levels. Last week, it rose by 0.75%, gaining 467 points.

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Gold faces selling pressure near the Control Line. To maintain an upward trend, it must break the 62600 level. If not, it may drop to 61160 – 59600, especially for intraday traders.

Key Economic Events:
These events might affect gold, silver, crude oil, and natural gas prices:
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Gold & Aluminum Updates: Hits Target Prices Swiftly

Did you check out yesterday’s newsletter about gold?
If not, you can read it here: Gold Price Analysis – Key Levels and Targets for Intraday Traders

Highlighted in bold yesterday, we emphasized, “Finding a foothold at 61960, MCX Gold prices hinge on a crucial juncture. A crossover and break today could lead to target prices of 61860, 61760, and 61560.”

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Gold successfully achieved all target prices within a single trading session.

Reminder to our premium subscribers: Aluminum Reportit’s on the verge of hitting our first target.Continue reading