As per the candlestick pattern it formed a “Bearish Candlestick” with closing below multiple week low indicating bearish trend for coming trading sessions.
MCX Gold October as seen in the weekly chart above has opened the week at 27,958 levels. During this week prices moved marginally higher and made a high of 27,967 levels. This week prices fell sharply lower towards the new weekly low of 27,332 levels. This week prices have closed at lowest levels in 10 weeks and finally closed 2.21% lower at 27,378 levels.
As per the candlestick pattern it formed a “Bearish Candlestick” with closing below multiple week low indicating bearish trend for coming trading sessions.
For the next week we expect gold prices to find support in the range of 27,100 – 27,150 levels. Trading consistently below 27,100 levels would lead towards the strong support at 26,800 levels and then finally towards the major support at 26,500 levels.
Resistance is now observed in the range of 27,650 – 27,700 levels. Trading consistently above 27,700 levels would lead towards the strong resistance at 28,000 levels, and then finally towards the major resistance at 28,400 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1 – 27,100 / $ 1,255 R1 - 27,700 / $ 1,285
S2 - 26,800 / $ 1,240 R2 - 28,000 / $ 1,300
Weekly Recommendation: Sell MCX Gold October between 27,650 – 27,700, SL- 28,000, Target – 27,150 / 27,100