Gold Sideways To Up, Resistance 28,100 – 28,200
CommodityOnline | Jun 30, 2014 06:02AM ET
gold prices to find support in the range of 27,250 – 27,200 levels. Trading consistently below 27,200 levels would lead towards the strong support at 26,800 levels and then finally towards the major support at 26,500 levels.
MCX Gold August as seen in the weekly chart above has opened the week at 27,616 levels and as expected during this week prices rallied sharply and made a high of 27,870 levels. In this week prices made a low of 27,490 levels but at the end of the week prices again rallied sharply towards the levels of 27,799 levels and finally closed 0.01% higher on 27,672 levels. Technically as per the candlestick pattern prices have formed “Doji candlestick pattern” indicating indecisiveness.
For the next week we expect gold prices to find support in the range of 27,250 – 27,200 levels. Trading consistently below 27,200 levels would lead towards the strong support at 26,800 levels and then finally towards the major support at 26,500 levels.
Resistance is now observed in the range of 28,100 – 28,200 levels. Trading consistently above 28,200 levels would lead towards the strong resistance at 28,600 levels, and then finally towards the major resistance at 28,900 levels.
MCX / Spot Gold Trading levels for the week
Trend: Sideways Up
S1 – 27,200 / $ 1,300 R1 - 28,200 / $ 1,340
S2 - 26,800 / $ 1,280 R2 - 28,600 / $ 1,360
Weekly Recommendation: Buy MCX Gold August between 27,200 – 27,250, SL- 26,800, Target – 28,100 / 28,200
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