MCX Gold April as seen in the weekly chart above has opened the week at 29,445 levels and during this week moved sharply lower and as expected found strong support just below the expected levels at 29,400 levels. Later prices rallied sharply breaking both the resistance levels towards 30,260 levels, but could not sustain corrected back towards 29,900 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 29,350 – 29,300 levels. Trading consistently below 29,300 levels would lead towards the strong support at 29,050 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 consistently 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: UP
S1-29300/ $ 1290 R1-30,500 / $ 1350
S2-29,000 / $ 1260 R2-31,000 / $ 1380
Weekly Recommendation: Buy MCX Gold April between 29,600-29,650, SL-29,200, Target -30300 / 30500.