MCX Gold June as seen in the weekly chart above has opened the week at 28,845 levels and during this week prices made a high of 28,986 levels. In later part of the week prices corrected sharply lower towards 28,200 levels and as expected prices bounced from the support level towards 28,657 levels and finally closed at 28,505 levels. During this week prices corrected 0.87% lower.
For the next week we expect gold prices to find support in the range of 28,200 – 28,000 levels. Trading consistently below 28,000 levels would lead towards the strong support at 27,400 levels and then finally towards the major support at 26,800 levels.
Resistance is now observed in the range of 29,000-29,100 levels. Trading consistently above 29,100 levels would lead towards the strong resistance at 29,500 levels, and then finally towards the major resistance at 29,900 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1 – 28,100 / $ 1,275 R1 - 29,100 / $ 1,320
S2 - 27,400 / $ 1,245 R2 - 29,500 / $ 1,340