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Gold In Uptrend, Support At 29400-350s: Angel

ByCommodityOnline
Published 01/27/2014, 02:52 AM
Updated 05/14/2017, 06:45 AM




MCX Gold February as seen in the weekly chart above has opened the week at 29,288 levels initially moved sharply lower and as expected found strong support just below the expected levels at 28,965 levels. Later prices rallied sharply breaking both the resistance levels towards 29,675 levels, but could not sustain corrected back towards 29,460 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 29,400 – 29,350 levels. Trading consistently below 29,230 levels would lead towards the strong support at 29,095 levels and then finally towards the major support at 28,676 levels.

Resistance is now observed in the range of 29,800-29,840 levels. Trading consistently above 29,900 levels would lead towards the strong resistance at 30,095 levels, and then finally towards the Major resistance at 30,346 levels.

MCX / Spot Gold Trading levels for the week
Trend: UP
S1-29,380/ $ 1257 R1-29,815 / $ 1285
S2-29,090 / $ 1243 R2-30,095 / $ 1300
Weekly Recommendation: Buy MCX Gold February between 29,400-29,350, SL-29,190, Target -29,800.

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