Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Gold In Sideways Trend, Selling Recommended: Angel

ByCommodityOnline
Published 12/09/2013, 02:55 AM
Updated 05/14/2017, 06:45 AM

MCX Gold February as seen in the weekly chart above has opened the week at 29,165 levels initially moved sharply lower, but has found support at 28,719 levels. Later prices rallied sharply towards 29,633 levels, but could not sustain the gains corrected back towards 28,720 levels, and finally closed lower from the previous weeks closing levels, according to a weekly analysis by Angel Commodities.

For the next week we expect gold prices to find support in the range of 28,570 – 28,530 levels. Trading consistently below 28,500 levels would lead towards the strong support at 28,190 levels and then finally towards the major support at 27,420 levels.
Gold
Resistance is now observed in the range of 29,260-29,300 levels. Trading consistently above 29,400 levels would lead towards the strong resistance at 29,830 levels, and then finally towards the Major resistance at 30,320 levels.

MCX / Spot Gold Trading levels for the week

Trend: Sideways
S1-28,570/ $ 1215 R1-29,280 / $ 1250
S2-28,190 / $ 1190 R2-29,830/ $ 1272

Weekly Recommendation: Sell MCX Gold February between 29,260-29,300, SL-29,521, Target -28,600. Angel Commodities report added.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.