MCX Gold December as seen in the weekly chart below has opened at 30,235 levels initially moved higher, but found very good resistance at 30,371 levels.
Later prices fell sharply breaking both the support towards 28,915 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 28,560 – 28,510 levels. Trading consistently below 28,490 levels would lead towards the strong support at 28,000 levels and then finally towards the major support at 27,358 levels.
Resistance is now observed in the range of 29,430-29,480 levels. Trading consistently above 29,500 levels would lead towards the strong resistance at 30,000 levels, and then finally towards the Major resistance at 30,914 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1-28,545/ $ 1275 R1-29,450 / $ 1345
S2-28,000 / $ 1240 R2-30,000/ $ 1382
Weekly Recommendation: Buy MCX Gold December between 28,600-28,500, SL-28,000, Target -29,400.
OR
Sell MCX Gold December between 29,430-29,480, SL-29971, Target -28,600
Source: Angel Commodities
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MCX, Spot Gold May Trade Sideways This Week: Angel Commodities
Published 10/07/2013, 03:22 AM
Updated 05/14/2017, 06:45 AM
MCX, Spot Gold May Trade Sideways This Week: Angel Commodities
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