MCX Gold April as seen in the weekly chart above has opened the week at 30,192 levels and during this week price rallied sharply higher towards 30,660 levels, but could not sustain and corrected back towards 29,900 levels but did not able to breach the previous week’s low of 29,881 levels and finally closed at 30,130 levels.
For the next week we expect gold prices to find support in the range of 29,850 – 29,800 levels. Trading consistently below 29,800 levels would lead towards the strong support at 29,300 levels and then finally towards the major support at 28,800 levels.
Resistance is now observed in the range of 30,450-30,500 levels. Trading and weekly closing above 30,500 levels would lead towards the strong resistance at 31,000 levels, and then finally towards the Major resistance at 31,500 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1 – 29,800/ $ 1324 R1 - 30,500 / $ 1355
S2 - 29,300 / $ 1300 R2 - 31,000 / $ 1380