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MCX Gold Gains, Go Long Between 30,2000-30150: Angel

ByCommodityOnline
Published 11/18/2013, 05:47 AM
Updated 05/14/2017, 06:45 AM

MCX Gold December as seen in the weekly chart above has opened the week gap up at 29,763 levels initially moved marginally lower, but has found support at 29,727 levels. Later prices rallied sharply breaking both the resistances towards 30,499 levels, but could not sustain the gains corrected back towards 29,972 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 30,200 – 30,150 levels. Trading consistently below 30,100 levels would lead towards the strong support at 29,873 levels and then finally towards the major support at 29,414 levels.

Resistance is now observed in the range of 30,640-30,680 levels. Trading consistently above 30,735 levels would lead towards the strong resistance at 30,960 levels, and then finally towards the Major resistance at 31,560 levels.

MCX / Spot Gold Trading levels for the week

Trend: Up

S1-30,185/ $ 1280 R1-30,640 / $ 1301
S2-29,873 / $ 1267 R2-30,960/ $ 1314

Weekly Recommendation: Buy MCX Gold December between 30,200-30,150, SL-30,000, Target -30,600

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