MCX Gold October as seen in the weekly chart above has opened at 30,984 initially moved lower, and as expected found very good support at 30,656 levels. Later prices rallied sharply towards 31,405 levels and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect gold prices to find Support at 31,130 – 31,000 levels and further below strong support is seen at 30,860-30,830 levels. Trading consistently below 30,820 levels would trigger sharp correction initially towards 30,382 then 30,198 and then finally towards the major support at 29,756 levels.
Resistance is observed in the range of 31,600-31,630 levels. Trading consistently above 31,630 levels would lead towards the strong resistance at 31,880 levels, and then finally towards the Major resistance at 32,200 levels.
For the next week we expect gold prices to find Support at 31,130 – 31,000 levels and further below strong support is seen at 30,860-30,830 levels. Trading consistently below 30,820 levels would trigger sharp correction initially towards 30,382 then 30,198 and then finally towards the major support at 29,756 levels.
Resistance is observed in the range of 31,600-31,630 levels. Trading consistently above 31,630 levels would lead towards the strong resistance at 31,880 levels, and then finally towards the Major resistance at 32,200 levels.
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