Gold Oct In Sideways Trend, Neutral Recommendation
CommodityOnline | Aug 04, 2014 06:02AM ET
Resistance is now observed in the range of 28,450 – 28,500 levels. Trading consistently above 28,500 levels would lead towards the strong resistance at 28,900 levels, and then finally towards the major resistance at 29,200 levels.
MCX Gold Oct as seen in the weekly chart above has opened the week at 28,075 levels. During this week prices made a low of 27,840 levels and moved higher from those levels towards the new high of 28,281 levels. In the week prices have closed 0.67% higher and finally closed at 28,222 levels. This week formed bullish candle indicating some strength.
For the next week we expect gold prices to find support in the range of 27,800 – 27,850 levels. Trading consistently below 27,800 levels would lead towards the strong support at 27,450 levels and then finally towards the major support at 27,000 levels.
Resistance is now observed in the range of 28,450 – 28,500 levels. Trading consistently above 28,500 levels would lead towards the strong resistance at 28,900 levels, and then finally towards the major resistance at 29,200 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1 – 27,800 / $ 1,274 R1 - 28,500 / $ 1,306
S2 - 27,450 / $ 1,258 R2 - 28,900 / $ 1,325
Weekly Recommendation: Neutral
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