GOLD UPDATES :- MCX Gold October as seen in the weekly chart above has opened at 29,680 initially moved marginally lower, but found very good support at 29,657. Later prices rallied sharply towards 30,265 levels and finally closed sharply higher from the previous weeks closing levels.
For the next week we expect gold prices to find Support at 30,025 – 29,970 levels and further below strong support is seen at 29,780-29,750 levels. Trading consistently below 29,740 levels would trigger sharp correction initially towards 29,490, then 29,370 and then finally towards the major support at 29,142 levels.
Strong Resistance is observed in the range of 30,430-30,470 levels. Multiple closing above 30,480 levels would further extend the current rally initially towards 30,630 then 30,720 and then finally towards the Major resistance at 31,030 levels. (NEAL BHAI 9999974733)
For the next week we expect gold prices to find Support at 30,025 – 29,970 levels and further below strong support is seen at 29,780-29,750 levels. Trading consistently below 29,740 levels would trigger sharp correction initially towards 29,490, then 29,370 and then finally towards the major support at 29,142 levels.
Strong Resistance is observed in the range of 30,430-30,470 levels. Multiple closing above 30,480 levels would further extend the current rally initially towards 30,630 then 30,720 and then finally towards the Major resistance at 31,030 levels. (NEAL BHAI 9999974733)
