MCX Gold February as seen in the weekly chart above has initially moved higher, but found resistance at 27816 levels. Later prices corrected towards 27390 levels and finally closed lower from the previous weeks closing levels.
For the next week we expect gold prices to find resistance at 27750-27780 levels and further above strong resistance is seen at 28000-28050 levels. Trading consistently above 28060 would renew previous weeks rally initially towards 28300 levels and then finally towards 28720 levels.
Support is now observed at 27332-27300. Trading consistently below 27300 levels would give correction initially towards 27045 levels, then 26742 and then finally towards the Major support at 26120 levels.
Trading levels for the week (16.01.12 To 20.01.12)
Trend: Neutral
S1- 27330 R1-27770
S2-27045 R2-28300
Recommendation:
Sell MCX Gold February Between 27750-27780, SL-27965, Target -27335/27125.
International Spot Gold
Trading levels for the week (16.01.12 To 20.01.12)
Trend: Neutral
S1- $1608 R1-$1665
S2-$1577 R2-$1692
Courtesy: Angel Commodities
