MCX Gold June as seen in the weekly chart above has opened the week at 28,425 levels and during this week prices made a low of 28,282 levels. During this week prices could not able sustain on lower levels and bounced back from the support levels (28,200) towards the weekly high of 28,965 levels. As per the candlestick pattern prices has formed “Bullish engulfing pattern” which is the sign of positivity. In the week prices are able to close above the previous week’s closing of 28,505 levels and finally closed 1.40% higher on 28,905 levels.
For the next week we expect gold prices to find support in the range of 28,250 – 28,200 levels. Trading consistently below 28,200 levels would lead towards the strong support at 27,800 levels and then finally towards the major support at 27,200 levels.
Resistance is now observed in the range of 29,200-29,300 levels. Trading consistently above 29,300 levels would lead towards the strong resistance at 29,700 levels, and then finally towards the major resistance at 30,200 levels.
MCX / Spot Gold Trading levels for the week
Trend: Up
S1 – 28,200 / $ 1,275 R1 - 29,300 / $ 1,320
S2 - 27,800 / $ 1,250 R2 - 29,700 / $ 1,340
Weekly Recommendation: Buy MCX Gold June between 28,500 – 28,600, SL- 28,200, Target – 29,200 / 29,300