MCX Gold August as seen in the weekly chart above has opened at 29,230 initially moved higher and as expected found resistance at 29,370. Later prices fell sharply towards 29,133 levels and finally closed marginally higher from the previous weeks closing levels.
For the next week we expect gold prices to find Support at 29,150 – 29,130 levels and further below strong support is seen at 29,020-29,000 levels. Trading consistently below 29,000 levels would trigger sharp correction initially towards 28,900, then 28,767 and then finally towards the major support at 28,480 levels.
Resistance is now seen at 29,390-29,450 levels. Trading consistently above 29,460 levels would trigger a rally initially towards 29,550 then 29,680 and then finally towards the Major resistance at 29,836 levels.
For the next week we expect gold prices to find Support at 29,150 – 29,130 levels and further below strong support is seen at 29,020-29,000 levels. Trading consistently below 29,000 levels would trigger sharp correction initially towards 28,900, then 28,767 and then finally towards the major support at 28,480 levels.
Resistance is now seen at 29,390-29,450 levels. Trading consistently above 29,460 levels would trigger a rally initially towards 29,550 then 29,680 and then finally towards the Major resistance at 29,836 levels.
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