MCX Gold June as seen in the weekly chart above has opened the week at 28,146 levels initially made a high of 28,360 levels and then fell sharply lower, breaking previous week ‘s low levels but finally found support at 27,770 levels. Later prices rallied towards high and closed at 28,260 levels which were marginally higher from the previous weeks closing levels.
For the next week we expect gold prices to find support in the range of 28,050 – 28,000 levels. Trading consistently below 28,000 levels would lead towards the strong support at 27,750 levels and then finally towards the major support at 27,440 levels.
Resistance is now observed in the range of 28,600-28,550 levels. Trading consistently above 28,600 levels would lead towards the strong resistance at 28,900 levels, and then finally towards the Major resistance at 29,220 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1-28,000/ $ 1285 R1-28,600 / $ 1315
S2-27,750 / $ 1275 R2-28,900 / $ 1330
Weekly Recommendation: Sell MCX Gold June between 28,580-28,630, SL-28,950, Target -28,000.