In the last week, MCX June gold prices opened the week at Rs 28,685/10 grams, initially traded mildly lower and found strong support at Rs 28,622/10 grams. Later, prices bounced back and touched a high of Rs 29,131/10 grams and finally closed at Rs 29,109/10 grams (April 28, Saturday) with a gain of Rs 408/10 gram as compared with previous week’s close of Rs 28,701/10 grams.
On the above Weekly Charts, Gold prices breached 6 week’s high and closed above its 10 & 20 week EMA (Exponential Moving Average) which indicates bullish market sentiments.
For this week, we expect gold prices to find resistance at 29,320 levels, if prices will close and trade consistently above 29,320 levels, would trigger further rally upto 29,580 levels. Support is observed at 28,740 levels and then 28500 levels.
On the above Weekly Charts, Gold prices breached 6 week’s high and closed above its 10 & 20 week EMA (Exponential Moving Average) which indicates bullish market sentiments.
For this week, we expect gold prices to find resistance at 29,320 levels, if prices will close and trade consistently above 29,320 levels, would trigger further rally upto 29,580 levels. Support is observed at 28,740 levels and then 28500 levels.
Recommendation: Buy MCX Gold June between 28740-28800, SL-28490, Target -29320/29570.
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