MCX Gold December as seen in the weekly chart above has opened the week at 29,674 levels initially made a low of 29,613 levels and then moved sharply higher, breaking both the resistances towards 30,824 levels. Later prices corrected towards30,700 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 30,400 – 30,300 levels. Trading consistently below 30,200 levels would lead towards the strong support at 29,950 levels and then finally towards the major support at 29,170 levels.
Resistance is now observed in the range of 31,150-31,200 levels. Trading consistently above 31,280 levels would lead towards the strong resistance at 31,600 levels, and then finally towards the Major resistance at 31,967 levels.
MCX / Spot Gold Trading levels for the week (October 28-November 1, 2013)
Trend: Up
S1-30,380/ $ 1338 R1-31,150 / $ 1368
S2-29,950 / $ 1321 R2-31,600/ $ 1385
Weekly Recommendation: Buy MCX Gold December between 30,400-30,350, SL-30,000, Target -31,140.