MCX Gold April as seen in the weekly chart above has opened the week gap up at 28,850 levels initially made a low of 28,825 levels and then rallied sharply higher, breaking both the resistance levels but finally found resistance at 29,426 levels. Later prices corrected towards 29,323 levels and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect gold prices to find support in the range of 29,210 – 29,180 levels. Trading consistently below 29,150 levels would lead towards the strong support at 28,990 levels and then finally towards the major support at 28,600 levels.
Resistance is now observed in the range of 29,590-29,630 levels. Trading consistently above 29,650 levels would lead towards the strong resistance at 29,810 levels, and then finally towards the Major resistance at 30,340 levels.
MCX / Spot Gold Trading levels for the week
Trend: Up
S1-29,210/ $ 1301 R1-29,590 / $ 1338
S2-28,990 / $ 1281 R2-29,810 / $ 1358
Weekly Recommendation: Buy MCX Gold April between 29,220-29,180, SL-29,000, Target -29,580.