MCX Gold August as seen in the weekly chart above has opened the week at 25,834 levels and made a low of 25,680 levels. During this week prices bounced from lower levels towards the high of 25,999 levels. As expected at the end of the week price could not able to sustain on higher level and corrected towards 25,755 levels and finally closed 0.07% lower at 25,863 levels. As per the candlestick pattern prices has formed “Doji candlestick pattern” which is the sign of indecisive trend.
For the next week we expect gold prices to find support in the range of 25,500 – 25,400 levels. Trading consistently below 25,400 levels would lead towards the strong support at 25,000 levels and then finally towards the major support at 24,500 levels.
Resistance is now observed in the range of 26,000 – 26,100 levels. Trading consistently above 26,100 levels would lead towards the strong resistance at 26,400 levels, and then finally towards the major resistance at 26,900 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1 – 25,400 / $ 1,228 R1 - 26,100 / $ 1,265
S2 - 25,000 / $ 1,205 R2 - 26,400 / $ 1,280
Weekly Recommendation: Sell MCX Gold August between 26,000 – 26,100, SL- 26,400, Target – 25,500 / 25,300