MCX Gold August as seen in the weekly chart above has opened at 29,920 initially moved sharply higher, but found good
resistance at 30,180 levels. Later prices fell sharply towards 29,457 levels and finally closed lower from the previous weeks
closing levels.
For the next week we expect gold prices to find Support at 29,530 – 29,480 levels and further below strong support is seen
at 29,220-29,190 levels. Trading consistently below 29,180 levels would trigger sharp correction initially towards 29,067 and
then finally towards the major support at 28,794 levels.
Resistance is now seen at 29,980-30,020 levels. Trading consistently above 30,030 levels would lead towards the strong
resistance at 30,320 levels. Daily closing above 30,320 levels would indicate that a short term bottom has been posted and
thereby new leg up can be expected initially towards 30,665 and then finally towards the Major resistance at 31,310 levels.
resistance at 30,180 levels. Later prices fell sharply towards 29,457 levels and finally closed lower from the previous weeks
closing levels.
For the next week we expect gold prices to find Support at 29,530 – 29,480 levels and further below strong support is seen
at 29,220-29,190 levels. Trading consistently below 29,180 levels would trigger sharp correction initially towards 29,067 and
then finally towards the major support at 28,794 levels.
Resistance is now seen at 29,980-30,020 levels. Trading consistently above 30,030 levels would lead towards the strong
resistance at 30,320 levels. Daily closing above 30,320 levels would indicate that a short term bottom has been posted and
thereby new leg up can be expected initially towards 30,665 and then finally towards the Major resistance at 31,310 levels.
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