MCX Gold August as seen in the weekly chart above has opened at 29,690 initially moved sharply lower, but found good support at 29,444 levels. Later prices recovered sharply towards 29,836 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect gold prices to find Support at 29,380 – 29,340 levels and further below strong support is seen at 29,140-29,110 levels. Trading consistently below 29,100 levels would trigger sharp correction initially towards 28,836 and then finally towards the major support at 28,480 levels.
Resistance is now seen at 29,820-29,850 levels. Trading consistently above 29,850 levels would lead towards the strong resistance at 30,020 levels. Multiple closing above 30,020 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 30,180 then 30480 and then finally towards the Major resistance at 30,850 levels.
For the next week we expect gold prices to find Support at 29,380 – 29,340 levels and further below strong support is seen at 29,140-29,110 levels. Trading consistently below 29,100 levels would trigger sharp correction initially towards 28,836 and then finally towards the major support at 28,480 levels.
Resistance is now seen at 29,820-29,850 levels. Trading consistently above 29,850 levels would lead towards the strong resistance at 30,020 levels. Multiple closing above 30,020 levels would indicate that a short term bottom has been posted and thereby new leg up can be expected initially towards 30,180 then 30480 and then finally towards the Major resistance at 30,850 levels.
