MCX Gold February as seen in the weekly chart below- prices rallied sharply towards 29,639 levels, but could not sustain the gains corrected back towards 29,150 levels, and finally closed higher from the previous weeks closing levels.
For the next week we expect gold prices to find support in the range of 29,300 – 29,250 levels. Trading consistently below 29,200 levels would lead towards the strong support at 28,960 levels and then finally towards the major support at 28,500 levels.
Resistance is now observed in the range of 29,740-29,780 levels. Trading consistently above 29,800 levels would lead towards the strong resistance at 30,100 levels, and then finally towards the Major resistance at 30,450 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1-29,272/ $ 1223 R1-29,760 / $ 1261
S2-28,960 / $ 1192 R2-30,100/ $ 1288
Weekly Recommendation: Buy MCX Gold February between 29,280-29,250, SL-28,960, Target -29,750.