Resistance is now observed in the range of 29,100 – 29,150 levels. Trading consistently above 29,300 levels would lead towards the strong resistance at 29,800 levels, and then finally towards the major resistance at 30,300 levels.
MCX Gold Oct as seen in the weekly chart above has opened the week at 28,165 levels and made a low of 28,010 levels. During this week price could not able to breach the support zone of 28,000 - 27,900 levels and bounced sharply towards the high of 29,085 levels. At the end of the week price corrected towards the down side and finally closed 1.35% higher at 28,604 levels. Technically, as per the candlestick pattern prices have formed “Bullish candlestick pattern” indicating optimism for the coming trading sessions.
For the next week we expect gold prices to find support in the range of 28,000 – 27,950 levels. Trading consistently below 27,950 levels would lead towards the strong support at 27,500 levels and then finally towards the major support at 26,800 levels.
Resistance is now observed in the range of 29,100 – 29,150 levels. Trading consistently above 29,300 levels would lead towards the strong resistance at 29,800 levels, and then finally towards the major resistance at 30,300 levels.
MCX / Spot Gold Trading levels for the week
Trend: Up
S1 – 27,900 / $ 1,280 R1 - 29,100 / $ 1,330
S2 - 27,500 / $ 1,260 R2 - 29,800 / $ 1,350
Weekly Recommendation: Buy MCX Gold October between 28,400 – 28,500, SL- 27,900, Target – 29,100 / 29,500