Gold In Uptrend, Support At 28250-28200s
CommodityOnline | May 05, 2014 06:34AM ET
MCX Gold June as seen in the weekly chart above has opened the week at 28,980 levels and during this week prices made a high of 29,020 levels. During this week prices could not able sustain on higher levels and in mid of the week prices corrected towards the low of 28,420 levels. In the end of the week as expected prices bounced from the support levels towards 28,889 levels and finally closed 0.12% lower at 28,871 levels. As per the candlestick pattern prices has formed “Hammer candlestick pattern” which is the sign of optimism.
For the next week we expect gold prices to find support in the range of 28,250 – 28,200 levels. Trading consistently below 28,200 levels would lead towards the strong support at 27,800 levels and then finally towards the major support at 27,200 levels.
Resistance is now observed in the range of 29,200-29,300 levels. Trading consistently above 29,300 levels would lead towards the strong resistance at 29,700 levels, and then finally towards the major resistance at 30,200 levels.
MCX / Spot Gold Trading levels for the week
Trend: Up
S1 – 28,200 / $ 1,270 R1 - 29,300 / $ 1,320
S2 - 27,800 / $ 1,250 R2 - 29,700 / $ 1,340
Weekly Recommendation: Buy MCX Gold June between 28,500 – 28,600, SL- 28,200, Target – 29,200 / 29,300
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