Gold Oct Down Trend, Resistance At 27350-27400s
CommodityOnline | Sep 15, 2014 05:58AM ET
Resistance is now observed in the range of 27,350 – 27,400 levels. Trading consistently above 27,450 levels would lead towards the strong resistance at 27,900 levels, and then finally towards the major resistance at 28,200 levels.
MCX Gold Oct as seen in the weekly chart above has opened the week at 27,431 levels and during this week it made a high of 27,480 levels. As expected during this week prices corrected sharply and made a 12 week’s low of 26,790 levels. In the week prices closed below the previous week closing of 27,378 levels and as well as below the strong support levels of 27,000 levels and finally closed 1.75% lower at 26,898 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick pattern” indicating negative trend for the coming trading sessions.
For the next week we expect gold prices to find support in the range of 26,400 – 26,350 levels. Trading consistently below 26,350 levels would lead towards the strong support at 26,000 levels and then finally towards the major support at 25,600 levels.
Resistance is now observed in the range of 27,350 – 27,400 levels. Trading consistently above 27,450 levels would lead towards the strong resistance at 27,900 levels, and then finally towards the major resistance at 28,200 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1 – 26,400 / $ 1,208 R1 - 27,400 / $ 1,253
S2 - 26,000 / $ 1,190 R2 - 27,900 / $ 1,276
Weekly Recommendation: Sell MCX Gold October between 27350 – 27400, SL- 27900, Target – 26400 / 26350
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.