MCX Gold December as seen in the weekly chart above has opened the week at 30,294 levels initially moved higher, but has found good resistance at 30,487 levels. Later prices fell sharply towards 29,812 levels, and finally closed sharply lower from the previous weeks closing levels.
For the next week we expect gold prices to find support in the range of 29,500 – 29,400 levels. Trading consistently below 29,500 levels would lead towards the strong support at 29,200 levels and then finally towards the major support at 28,600 levels.
Resistance is now observed in the range of 30,040-30,080 levels. Trading consistently above 30,100 levels would lead towards the strong resistance at 30,350 levels, and then finally towards the Major resistance at 30,850 - 30900 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1-29,500/ $ 1220 R1-30,050 / $ 1258
S2-29,200 / $ 1200 R2-30,350/ $ 1278
Weekly Recommendation: Sell MCX Gold December between 30,040-30,080, SL-30,351, Target -29,500.
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Gold Tumbles, Resistance Observed In 30,040-30080 Range
Published 11/25/2013, 05:06 AM
Updated 05/14/2017, 06:45 AM
Gold Tumbles, Resistance Observed In 30,040-30080 Range
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