MCX Gold December as seen in the weekly chart above has opened at 29,259 levels initially moved higher, but found very good resistance at 29,750 levels.
Later prices fell sharply towards 28,321 levels, and finally closed sharply lower from the previous weeks closing levels. For this week we expect gold prices to find support in the range of 28,000 – 27,900 levels.
Trading consistently below 27,800 levels would lead towards the strong support at 27,385 levels and then finally towards the major support at 26,770 levels. Resistance is now observed in the range of 28,850-28,900 levels.
Trading consistently above 28,900 levels would lead towards the strong resistance at 29,300 levels, and then finally towards the Major resistance at 30,240 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1-27,880/ $ 1246 R1-28,810 / $ 1288
S2-27,385 / $ 1218 R2-29,300/ $ 1314
Weekly Recommendation: Sell MCX Gold December between 28,850-28,900, SL-29,351, Target -28,000.