Resistance is now observed in the range of 28,100 – 28,200 levels. Trading consistently above 28,200 levels would lead towards the strong resistance at 28,600 levels, and then finally towards the major resistance at 28,900 levels.
MCX Gold August as seen in the weekly chart above has opened the week at 26,650 levels and made a low of 26,550 levels. During this week as expected prices rallied sharply toward the weekly high of 27,820 levels following with breached the 4 preceding week’s high and trading above it. Finally prices have closed 3.91% higher at 27,668 levels. Technically as per the candlestick pattern prices have formed “Bullish candlestick pattern” indicating strength.
For the next week we expect gold prices to find support in the range of 27,250 – 27,200 levels. Trading consistently below 27,200 levels would lead towards the strong support at 26,800 levels and then finally towards the major support at 26,500 levels.
Resistance is now observed in the range of 28,100 – 28,200 levels. Trading consistently above 28,200 levels would lead towards the strong resistance at 28,600 levels, and then finally towards the major resistance at 28,900 levels.
MCX / Spot Gold Trading levels for the week
Trend: Up
S1 – 27,200 / $ 1,290 R1 - 28,200 / $ 1,340
S2 - 26,800 / $ 1,270 R2 - 28,600 / $ 1,360
Weekly Recommendation: Buy MCX Gold August between 27200 – 27,250, SL- 26,800, Target – 28,100 / 28,200