Wednesday, 7 December 2011


MCX Gold February as seen in the weekly chart has opened above the R1 levels at 28830 levels and then rallied sharply breaking both the resistances , but could not close above the crucial resistance at 29420 levels. For this week we expect gold prices to find resistance at 29420-29460 levels. Trading consistently above 29470 would continue the rally initially towards 29730 levels and then finally towards 30090 levels.
Support is now observed at 28830-28730.Trading consistently below 28720 levels could trigger a sharp correction initially towards 28245 levels, and then finally towards 27456 levels

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