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Gold In Uptrend, Support at 30100-30150s: Angel

ByCommodityOnline
Published 03/18/2014, 05:03 AM
Updated 05/14/2017, 06:45 AM



MCX Gold April as seen in the weekly chart above has opened the week at 30,063 levels and during this week price rallied sharply higher towards 30,737 levels, and able to closed 1.54% higher. During this week price made a low of 29,956 levels but could not able to sustain on lower level and bounced back from these level. In the week prices had breached the previous week’s high of 30,660 levels and finally closed at 30,595 levels. Currently prices are trading on the 6 months high level.

For the next week we expect gold prices to find support in the range of 30,100 – 30,150 levels. Trading consistently below 30,100 levels would lead towards the strong support at 29,700 levels and then finally towards the major support at 29,300 levels.

Resistance is now observed in the range of 30,800-30,850 levels. Trading consistently above 30,850 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 – 30,100/ $ 1355 R1 - 30,900 / $ 1400
S2 - 29,700 / $ 1330 R2 - 31,500 / $ 1420
Weekly Recommendation: Buy MCX Gold April between 30100 - 30150, SL- 29700, Target - 30900 / 31200

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