MCX Gold October as seen in the weekly chart above has opened at 29,918 initially moved sharply lower, and as expected found very good support just above the expected level at 29,756 levels. Later prices rallied sharply towards 30,078 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect gold prices to find Support at 29,960 – 29,930 levels and further below strong support is seen at 29,830-29,800 levels. Trading consistently below 29,800 levels would trigger sharp correction initially towards 29,660 then 29,500 and then finally towards the major support at 29,176 levels.
Resistance is observed in the range of 30,150-30,180 levels. Trading consistently above 30,180 levels would lead towards the strong resistance at 30,300 levels, and then finally towards the Major resistance at 30,478 levels.
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