We expect MCX Gold prices to cut due to the heavy downside pressure. The strengthening dollar index will be a very negative factor for gold in the near-term. From an intraday perspective, we would recommend a sell in the near month contract around Rs 27,600 per 10 grams levels with a stop loss of Rs 27,720 per 10 grams levels with a target of Rs 27,400 per 10 grams levels.
