Gold June Resistance Seen At 29200-29300 Range, Trend Sideways
CommodityOnline | May 12, 2014 04:00AM ET
MCX GOLD JUNE (CMP – 28,525 / $ 1,289)
MCX Gold June as seen in the weekly chart above has opened the week at 28,920 levels and during this week prices made a high of 29,039 levels. During this week prices could not able sustain on higher levels and in mid of the week prices corrected towards the low of 28,452 levels and finally closed 1.20 % lower at 28,525 levels. As per the candlestick pattern prices has formed “Bearish candlestick pattern” which is the sign of pessimism. Broadly from last couple of weeks prices have formed a sideways trend which is also expecting to be continue in the coming trading sessions.
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.
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