MCX Gold December as seen in the weekly chart above has opened the week on its low at 28,350 levels initially moved sharply higher, but found very good resistance at 29,072 levels.
Later prices fell sharply towards 28,371 levels, and then rallied sharply towards 29,885 levels and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect gold prices to find support in the range of 29,240 – 29,200 levels. Trading consistently below 29,150 levels would lead towards the strong support at 28,591 levels and then finally towards the major support at 27,700 levels.
Resistance is now observed in the range of 30,120-30,180 levels. Trading consistently above 30,200 levels would lead towards the strong resistance at 30,770 levels, and then finally towards the Major resistance at 31,417 levels.
MCX / Spot Gold Trading levels for the week
Trend: Up
S1-29,230/ $ 1298 R1-30,120 / $ 1345
S2-28,591 / $ 1268 R2-30,770/ $ 1375
Weekly Recommendation: Buy MCX Gold December between 29,240-29,200, SL-28,700, Target -30,120.
Source: Angel Commodities
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MCX, Spot Gold May Trad Up This Week : Angel Commodities
Published 10/21/2013, 06:37 AM
Updated 05/14/2017, 06:45 AM
MCX, Spot Gold May Trad Up This Week : Angel Commodities
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