Gold Dec In Down Trend, Resistance At 26500-26550s
CommodityOnline | Nov 03, 2014 03:25AM ET
Resistance is now observed in the range of 26,500 – 26,550 levels. Trading consistently above 26,550 levels would lead towards the strong resistance at 27,000 levels, and then finally towards the major resistance at 27,350 levels.
MCX Gold December as seen in the weekly chart above has opened the week at 27,168 levels. During this week prices made a high of 27,270 levels. This week prices fell sharply lower towards the new weekly low of 25,881 levels. This week prices have closed at lowest levels in 4 months and finally closed 3.83% lower at 26,135 levels. As per the candlestick pattern it formed a “Bearish Candlestick” indicating lower moves.
For the next week we expect Gold prices to find support in the range of 25,600 – 25,650 levels. Trading consistently below 25,600 levels would lead towards the strong support at 25,200 levels and then finally towards the major support at 24,800 levels.
Resistance is now observed in the range of 26,500 – 26,550 levels. Trading consistently above 26,550 levels would lead towards the strong resistance at 27,000 levels, and then finally towards the major resistance at 27,350 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1 – 25,600 / $ 1,150 R1 - 26,550 / $ 1,193
S2 - 25,200 / $ 1,130 R2 - 27,000 / $ 1,213
Weekly Recommendation: Sell MCX Gold December between 26,500 – 26,550, SL- 27,000, Target – 25,600
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