Gold Witness Down, Selling Recommended
CommodityOnline | Nov 17, 2014 05:28AM ET
Resistance is now observed in the range of 26,750 – 26,800 levels. Trading consistently above 26,800 levels would lead towards the strong resistance at 27,250 levels, and then finally towards the major resistance at 27,60 levels.
MCX Gold December as seen in the weekly chart above has opened the week at 25,958 levels. During this week prices made a low of 25,433 levels. This week prices rallied sharply higher towards the weekly high of 26,531 levels finally closed 2.06% higher at 26,466 levels this is the biggest weekly gain in last few weeks. As per the candlestick pattern it formed a “Bullish Candlestick”.
For the next week we expect Gold prices to find support in the range of 26,050 – 26,000 levels. Trading consistently below 26,000 levels would lead towards the strong support at 25,650 levels and then finally towards the major support at 25,200 levels.
Resistance is now observed in the range of 26,750 – 26,800 levels. Trading consistently above 26,800 levels would lead towards the strong resistance at 27,250 levels, and then finally towards the major resistance at 27,60 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1 – 26,000 / $ 1,167 R1 - 26,800 / $ 1,203
S2 - 25,650 / $ 1,150 R2 - 27,250 / $ 1,223
Weekly Recommendation: Sell MCX Gold December between 26,750 – 26,800, SL- 27,250, Target – 26,000/25,650
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