Gold Oct Sideways Trend, Resistance At 28150-28200s
CommodityOnline | Sep 01, 2014 06:10AM ET
Trading consistently below 27,650 levels would lead towards the strong support at 27,300 levels and then finally towards the major support at 27,000 levels.
MCX Gold Oct as seen in the weekly chart above has opened the week at 27,774 levels and during this week it made a low of 27,715 levels. In this week prices could not able to breach the support level of 27,700 and bounced back sharply towards the high of 28,178 levels. In the end trading session of the week as expected prices corrected sharply from the higher levels and finally closed 0.66% higher at 27,796 levels. Technically, as per the candlestick pattern prices have formed “Small positive candlestick pattern” indicating sideways trend for the coming trading sessions.
For the next week we expect gold prices to find support in the range of 27,600 – 27,650 levels. Trading consistently below 27,650 levels would lead towards the strong support at 27,300 levels and then finally towards the major support at 27,000 levels.
Resistance is now observed in the range of 28,150 – 28,200 levels. Trading consistently above 28,200 levels would lead towards the strong resistance at 28,550 levels, and then finally towards the major resistance at 28,900 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways
S1 – 27,600 / $ 1,255 R1 - 28,200 / $ 1,290
S2 - 26,300 / $ 1,230 R2 - 28,550 / $ 1,310
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