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Gold: Good Resistance At Rs 30500

Published 03/04/2014, 02:03 AM
Updated 05/14/2017, 06:45 AM



Gold prices gained for the third consecutive week at MCX but halted at Comex last week with firm weekly closing after rising for three consecutive weeks earlier. Though prices at the domestic market recovered but failed to cross above its very strong resistance of Rs. 30500/10 gms and touched Rs. 30400/10 gms as weekly high.

Any close, even a daily close above Rs. 30500/10 gms would at-tract more upside in the coming sessions and might touch higher levels near Rs. 31100-31200/10 gms over medium term. Looking at the weekly chart of Comex, prices are facing a very strong resistance on the immediate higher side at $1350/oz on a closing basis, if does so then the metal could rise to its psycho-logical level of $1400/oz over medium term. Short term indicators are also supporting upside and generating buying signal at these present levels.

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