MCX Gold February as seen in the weekly chart above has opened the week at 29,213 levels initially made a high of 29,276 levels and then fell sharply lower towards 28,671 levels. Later prices recovered towards 29,070 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect gold prices to find support in the range of 28,950 – 28,900 levels. Trading consistently below 28,880 levels would lead towards the strong support at 28,745 levels and then finally towards the major support at 28,400 levels.
Resistance is now observed in the range of 29,300-29,340 levels. Trading consistently above 29,400 levels would lead towards the strong resistance at 29,590 levels, and then finally towards the Major resistance at 30,200 levels.
MCX / Spot Gold Trading levels for the week
Trend: UP
S1-28,914/ $ 1237 R1-29,310 / $ 1260
S2-28,745 / $ 1224 R2-29,590 / $ 1271
Weekly Recommendation: Buy MCX Gold February between 28,950-28,900, SL-28,700, Target -29,300.