gold updates for 2/9/2013

MCX Gold October as seen in the weekly chart above has opened at 31,806 levels, initially made a low of 31,686 levels and
then moved sharply higher, breaking both the resistances finally made a new Record High of 35,074 levels. Later prices
corrected towards 32,555 levels and finally closed higher from the previous weeks closing levels.
For the next week we expect gold prices to find Resistance in the range of 33,250 – 33,300 levels. Trading consistently above
33,405 levels would lead towards the strong Resistance at 34,840 levels and then finally towards the major Resistance at
36,650 levels.
Support is now observed in the range of 31,950-31,900 levels. Trading consistently below 31,800 levels would lead towards
the strong support at 31,450 levels, and then finally towards the Major support at 29,870 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1-31,930/ $ 1378 R1-33,260 / $ 1406
S2-31,450 / $ 1362 R2-34,840 / $ 1424
Weekly Recommendation: Sell MCX Gold October between 33,250-33,300, SL-34,000, Target -31,950.
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