Monday, 21 July 2014

Gold Weekly Recommendation in Commodity Market

MCX Gold August as seen in the weekly chart above has opened the week at 28,221 levels. During this week prices fell sharply and made a low of 27,583 levels and moved higher from those levels towards the new high of 28,398 levels. In the week prices have corrected 1.28% lower and finally closed at 27,993 levels.

For the next week we expect gold prices to find support in the range of 27,600 – 27,550 levels. Trading consistently below 27,550 levels would lead towards the strong support at 27,200 levels and then finally towards the major support at 26,800 levels.
Resistance is now observed in the range of 28,350 – 28,400 levels. Trading consistently above 28,400 levels would lead towards the strong resistance at 28,900 levels, and then finally towards the major resistance at 29,200 levels.

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