GOLD:- WEEKLY TECHNICAL REPORT :- 18.06.2012 TO 22.06.2012 (NEAL BHAI 9999974733)
MCX Gold August as seen in the weekly chart above has opened at 29549 initially made a low of 29527 and then moved sharply higher, breaking both the resistances, but finally found good resistance at 30236 levels. Later prices corrected towards 30060 levels and finally closed sharply higher from the previous weeks closing levels.
... For the next week we expect gold prices to find Support at 29,970 – 29,930 levels and further below strong support is seen
at 29,700-29,650 levels. Trading consistently below 29,650 levels would trigger sharp correction initially towards 29555 and
then finally towards the major support at 29254 levels.
Resistance is now seen at 30400-30430 levels and then strong resistance is seen at 30690-30720 levels. Trading Tips consistently
above 30730 levels would trigger a sharp rally initially towards 31030 then 31400 and then finally towards the Major resistance at 31800 levels. NEAL BHAI 9999974733
MCX Gold August as seen in the weekly chart above has opened at 29549 initially made a low of 29527 and then moved sharply higher, breaking both the resistances, but finally found good resistance at 30236 levels. Later prices corrected towards 30060 levels and finally closed sharply higher from the previous weeks closing levels.
... For the next week we expect gold prices to find Support at 29,970 – 29,930 levels and further below strong support is seen
at 29,700-29,650 levels. Trading consistently below 29,650 levels would trigger sharp correction initially towards 29555 and
then finally towards the major support at 29254 levels.
Resistance is now seen at 30400-30430 levels and then strong resistance is seen at 30690-30720 levels. Trading Tips consistently
above 30730 levels would trigger a sharp rally initially towards 31030 then 31400 and then finally towards the Major resistance at 31800 levels. NEAL BHAI 9999974733
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