Anuj Gupta, DVP, Angel Commodity
MCX Gold Dec as seen in the weekly above has opened the week with gap up at 38,410 levels and starting of the week price have rallied sharply and made a weekly high of 38,599 levels. Later on prices could not able to sustain on higher levels and corrected sharply and made a weekly low of 37,691 levels.This week prices have closed below the previous week’s closing of 38,333 levels and finally closed 1.27% lower at 37,845 levels. Technically, prices have formed “Bearish Candlestick pattern” which indicates further weakness.
For the next week we expect Gold prices to find support in the range of 37,500– 37,400 levels. Trading consistently below 37,400 levels would lead towards the strong support at 37,100 levels and then finally towards the major support at 36,700 levels.
Resistance is now observed in the range of 38,200 – 38,300 levels. Trading consistently above 38,300 levels would lead towards the strong resistance at 38,600 levels, and then finally towards the major resistance at 39,100 levels.
MCX / Spot Gold Trading levels for the week
S1 – 37, 500 / $ 1,480 R1 – 38,200 / $ 1,508
S2 – 37,100 / $ 1,464 R2 – 38,600 / $ 1,523
Weekly Recommendation: Sell MCX Gold Dec between 38200– 38300, SL – 38600, Target – 37500 / 37400.