MCX Gold October as seen in the weekly chart above has opened at 31,802 levels initially made a high of 31,967 levels andthen fell sharply lower throughout the week, breaking both the supports, but finally made a low of 29, 501 levels and closedsharply lower from the previous weeks closing levels.
For the next week we expect gold prices to find Resistance in the range of 30,500 – 30,600 levels. Trading consistently above 30,700 levels would lead towards the strong Resistance at 31,500 levels and then finally towards the major Resistance at 32,970 levels.
Strong Support is now observed in the range of 29,100-29,000 levels. Multiple closing below 29000 levels or Tradingconsistently below 28,900 levels would trigger an extended fall initially towards 28,050 levels, and then finally towards theMajor support at 27,342 levels.
MCX / Spot Gold Trading levels for the week
S1-29,050/ $ 1290 R1-30,510 / $ 1350
S2-28,050 / $ 1253 R2-31,510 / $ 1380
Weekly Recommendation: Sell MCX Gold October between 30,500-30,600, SL-
31,501, Target -29,100.
Mcx Gold Tips