MCX Gold August as seen in the weekly chart above has opened at 29,603 initially made a high of 29,680 levels and then fell sharply lower, but found good support at 29,161 levels. Later prices recovered sharply towards 29,360 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect gold prices to find Support at 29,060 – 29,030 levels and further below strong support is seen at 28,860-28,820 levels. Trading consistently below 28,820 levels would trigger sharp correction initially towards 28,752, then 28,584 and then finally towards the major support at 28,250 levels.
Resistance is now seen at 29,360-29,400 levels. Trading consistently above 29,400 levels would lead towards the strong resistance at 29,580 levels. Multiple closing above 29,600 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 29,890 then 30,150 and then finally towards the Major resistance at 30,430 levels. (NEAL BHAI)
For the next week we expect gold prices to find Support at 29,060 – 29,030 levels and further below strong support is seen at 28,860-28,820 levels. Trading consistently below 28,820 levels would trigger sharp correction initially towards 28,752, then 28,584 and then finally towards the major support at 28,250 levels.
Resistance is now seen at 29,360-29,400 levels. Trading consistently above 29,400 levels would lead towards the strong resistance at 29,580 levels. Multiple closing above 29,600 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 29,890 then 30,150 and then finally towards the Major resistance at 30,430 levels. (NEAL BHAI)
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