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Gold To Witness Sideways Trade, Support 27,500, 27,300

ByCommodityOnline
Published 07/28/2014, 03:27 AM
Updated 05/14/2017, 06:45 AM

For the week beginning July 28, we expect gold prices to find support in the range of 27,600 – 27,500 levels. Trading consistently below 27,500 levels would lead towards the strong support at 27,300 levels and then finally towards the major.


Gold


MCX Gold August as seen in the weekly chart above has opened the week at 28,015 levels and made a high of 28,217 levels. During this week price could not able to breach the resistance zone of 28,250 - 28,300 levels and corrected sharply towards the low of 27,602 levels. At the end of the week price bounced back from the lower levels and finally closed 0.20% lower at 27,938 levels. Technicall, as per the candlestick pattern prices have formed “Doji formation” indicating range bound trend between support and resistance levels.

For the week beginning July 28, we expect gold prices to find support in the range of 27,600 – 27,500 levels. Trading consistently below 27,500 levels would lead towards the strong support at 27,300 levels and then finally towards the major support at 26,800 levels.

Resistance is now observed in the range of 28,250 – 28,300 levels. Trading consistently above 28,300 levels would lead towards the strong resistance at 28,800 levels, and then finally towards the major resistance at 29,300 levels.

MCX / Spot Gold Trading levels for the week

Trend: Sideways
S1 – 27,500 / $ 1,285 R1 - 28,300 / $ 1,324
S2 - 27,300 / $ 1,275 R2 - 28,800 / $ 1,347

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