Gold Outlook – MCX Gold February as seen in the weekly chart above has opened the week at 26,075 levels. This week prices made a low of 25,526 levels but could not sustain at lower levels prices rallied sharply higher towards 27,030 levels. End of the week prices corrected back and finally closed 0.71% marginally higher at 26,357 levels. As per the candlestick pattern it formed a “Spinning Top Candlestick” represents indecision.
For the next week we expect Gold prices to find support in the range of 25,800 – 25,850 levels. Trading consistently below 25,800 levels would lead towards the strong support at 25,500 levels and then finally towards the major support at 24,900 levels.
Resistance is now observed in the range of 26,700 – 26,750 levels. Trading consistently above 26,750 levels would lead towards the strong resistance at 27,100 levels, and then finally towards the major resistance at 27,450 levels.