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Gold Weekly Technical Analysis (18-22 Nov): Angel Broking

Anuj Gupta, DVP, Angel Broking

GOLD RATE TODAY: MCX Gold Dec as seen in the weekly above has opened the week at 37,687 levels and on the same day prices have made a weekly low of 37,510 levels. Later on prices could not able to sustain on lower levels and rallied sharply and made a weekly high of 38,318 levels. At the last trading session of the week prices have corrected from higher levels towards 37,921 levels. This week prices have closed above the previous week’s closing of 37,994 levels and finally closed 0.81% higher at 37,994 levels. Technically, prices have formed “Doji Type candlestick pattern” which indicates indecisiveness.

For the next week we expect Gold prices to find support in the range of 37,700– 37,600 levels. Trading consistently below 37,600 levels would lead towards the strong support at 37,300 levels and then finally towards the major support at 37,000 levels.

Resistance is now observed in the range of 38,100 – 38,200 levels. Trading consistently above 38,200 levels would lead towards the strong resistance at 38,400 levels, and then finally towards the major resistance at 38,600 levels.

MCX / Spot Gold Trading levels for the week

Trend:  Sideways to Down

S1 – 37,700 / $ 1,456                      R1 – 38,100 / $ 1,478

S2 – 37,300 / $ 1,442          R2 – 38,400 / $ 1,488

Weekly Recommendation: Sell MCX Gold Dec between 38100– 38200, SL – 38400, Target – 37700 / 37600.

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