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MCX Gold futures could test Rs 65,000-mark on the upside, chart suggests

Gold futures are up 12 per cent so far this year, and have gained 132 per cent in the last eight years. Chart suggests that bias is likely to remain favourable as long as Gold trades above its 20-MMA.

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Rex Cano Mumbai

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Gold prices have been on a steady up move since the year 2016, after prices broke above the Rs 28,000 - 30,000 barriers. The monthly chart shows, that the MCX Gold futures have managed to sustain above the 20-MMA (Monthly Moving Average) on almost consistent basis, barring a few misses here and there in the last eight years.

Gold prices have rallied nearly 132 per cent in the last eight years, and are up almost 12 per cent so far in 2023, trading near all-time highs. The MCX Gold February futures had registered a summit at Rs 62,397 in April 2023.

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