MCX Gold February as seen in the weekly chart above has opened the week at 29,045 levels initially moved higher and as expected found resistance at 29,314 levels. Later prices fell sharply towards 28,865 levels, but could not sustain bounced back towards 29310 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect gold prices to find support in the range of 29,150 – 29,110 levels. Trading consistently below 29,000 levels would lead towards the strong support at 28,800 levels and then finally towards the major support at 28,300 levels.
Resistance is now observed in the range of 29,430-29,470 levels. Trading consistently above 29,500 levels would lead towards the strong resistance at 29,630 levels, and then finally towards the Major resistance at 30,300 levels.
MCX / Spot Gold Trading levels for the week
Trend: UP
S1-29,150/ $ 1247 R1-29,430 / $ 1262
S2-28,980 / $ 1239 R2-29,630 / $ 1272
Weekly Recommendation: Buy MCX Gold February between 29,000-29,050, SL-28,800, Target -29,400.