Gold, natural gas rise on MCX; setup bullish

NEW DELHI: Gold prices on the MCX traded on a bullish note on Wednesday on the back of weakness in the rupee.

Political stability in the euro zone is supporting safe haven buying in the precious metals as well as the Japanese yen.

The Fed minutes are slated to be released on Wednesday will be the next big trigger for gold.

Gold MCX remained bullish above the Rs 31,000 level. According to Motilal Oswal Securities, immediate support for the metal is at Rs 31,250, while resistance is at Rs 31,500. The brokerage advised buying on dips strategy for gold.

Natural gas also remained bullish on MCX. The brokerage said it will continue to see uptick as long as it hold the Rs 195.50 level.

“It has immediate supprt at Rs 198 and resistance at Rs 200-202. Buying on dips is advised,” said Motilal Oswal Securities in a report.