mcx tips

MCX GOLD UPDATES FOR WEEKLY

MCX Gold October as seen in the weekly chart above has opened at 32,815 levels initially moved sharply higher, but found
very good resistance at 34,549 levels. Later prices fell sharply towards 31,564 levels and finally closed sharply lower from
the previous weeks closing levels.
For the next week we expect gold prices to find Resistance in the range of 32,650 – 32,700 levels. Trading consistently above
32,750 levels would lead towards the strong Resistance at 33,750 levels and then finally towards the major Resistance at
35,643 levels.
Strong Support is now observed in the range of 30,850-30,750 levels. Multiple closing below 30750 levels or Trading
consistently below 30,650 levels would trigger an extended fall initially towards 29,670 levels, and then finally towards the
Major support at 28,700 levels.
MCX / Spot Gold Trading levels for the week
Trend: Down
S1-30,800/ $ 1360 R1-32,650 / $ 1418
S2-29,670 / $ 1330 R2-33,750 / $ 1446
Weekly Recommendation: Sell MCX Gold October between 32,650-32,700, SL-33,250, Target -30,900.