MCX Gold February as seen in the weekly chart above has opened the week at 29,141 levels initially moved lower, but has found good support at 28,958 levels. Later prices rallied sharply towards 29,521 levels, but could not sustain the gains fell back lower towards 29,152 levels and finally closed marginally higher from the previous weeks closing levels.
For the next week we expect gold prices to find support in the range of 29,120 – 29,100 levels. Trading consistently below 29,060 levels would lead towards the strong support at 28,675 levels and then finally towards the major support at 28,160 levels.
Resistance is now observed in the range of 29,500-29,530 levels. Trading consistently above 29,600 levels would lead towards the strong resistance at 29,800 levels, and then finally towards the Major resistance at 30,210 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1-29,120/ $ 1245 R1-29,520 / $ 1264
S2-28,675 / $ 1230 R2-29,800/ $ 1277
Weekly Recommendation: Sell MCX Gold February between 29,480-29,500, SL-29,701, Target -29,140.