Trading consistently below 26,200 levels would lead towards the strong support at 25,850 levels and then finally towards the major support at 25,600 levels.
MCX Gold October as seen in the weekly chart above has opened the week at 26,637 levels. During this week prices made a high of 27,117 levels. This week prices fell sharply lower towards the new weekly low of 26,461 levels. This week prices have closed at lowest levels in 14 weeks and finally closed 1.49% lower at 26,496 levels. As per the candlestick pattern it formed a “Bearish Candlestick” with closing below multiple week low indicating bearish trend for coming trading sessions.
For the next week we expect gold prices to find support in the range of 26,200 – 27,250 levels. Trading consistently below 26,200 levels would lead towards the strong support at 25,850 levels and then finally towards the major support at 25,600 levels.
Resistance is now observed in the range of 26,750 – 26,800 levels. Trading consistently above 26,800 levels would lead towards the strong resistance at 27,120 levels, and then finally towards the major resistance at 27,350 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1 – 26,200 / $ 1,203 R1 - 26,800 / $ 1,231
S2 - 25,850 / $ 1,185 R2 - 27,120 / $ 1,246
Weekly Recommendation: Sell MCX Gold October between 26,750 – 26,800, SL- 27,120, Target – 26,200 / 25,850