Commodities Weekly Report 04.06.2012 to 08.06.2012
MCX Gold August as seen in the weekly chart above has initially moved sharply lower, but found good support at 29020
levels. Later prices rallied sharply made a new record high of 30156 and finally closed sharply higher from the previous
weeks closing levels.
For the next week we expect gold prices to find Support at 29,680 – 28,620 levels and further below strong support is seen
at 29,200-29,150 levels. Trading consistently below 29,150 levels would trigger sharp correction initially towards 28570 and
then finally towards the major support at 28278 levels.
Resistance is now seen at 30520-30560 levels. Trading consistently above 30570 levels would further extend the current
rally initially towards 30690 and then finally towards 31060 levels.
MCX / Spot Gold Trading levels for the week (04.06.2012 to 08.06.2012)
Trend: Up
S1-29,680 / $ 1595 R1-30,520 / $ 1660
S2-29,200 / $ 1560 R2-31,060 / $ 1694
Recommendation: Buy MCX Gold August between 29,700-29650, SL-29300, Target -30500/31000.
MCX Gold August as seen in the weekly chart above has initially moved sharply lower, but found good support at 29020
levels. Later prices rallied sharply made a new record high of 30156 and finally closed sharply higher from the previous
weeks closing levels.
For the next week we expect gold prices to find Support at 29,680 – 28,620 levels and further below strong support is seen
at 29,200-29,150 levels. Trading consistently below 29,150 levels would trigger sharp correction initially towards 28570 and
then finally towards the major support at 28278 levels.
Resistance is now seen at 30520-30560 levels. Trading consistently above 30570 levels would further extend the current
rally initially towards 30690 and then finally towards 31060 levels.
MCX / Spot Gold Trading levels for the week (04.06.2012 to 08.06.2012)
Trend: Up
S1-29,680 / $ 1595 R1-30,520 / $ 1660
S2-29,200 / $ 1560 R2-31,060 / $ 1694
Recommendation: Buy MCX Gold August between 29,700-29650, SL-29300, Target -30500/31000.
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