Mcx Gold Weekly Outlook – MCX Gold June as seen in the weekly chart above has opened the week at 26,645 levels and in the starting of the week prices have made the high of 27,095 levels. As expected prices could not able to sustain on higher levels and corrected sharply towards the weekly low of 26,462 levels. At the end trading session of the week prices again bounced back from the lower levels towards 26,840 levels. This week prices closed above the previous week’s closing of 26,597 levels and finally closed 0.69% higher at 26,781 levels. Technically, prices have formed “Doji Type candlestick pattern” which indicates indecisive trend.
Gold Support & Resistance Level :
For the next week we expect Gold prices to find support in the range of 26,300 – 26,350 levels. Trading consistently below 26,300 levels would lead towards the strong support at 26,000 levels and then finally towards the major support at 25,650 levels.
Resistance is now observed in the range of 26,900 – 26,950 levels. Trading consistently above 26,950 levels would lead towards the strong resistance at 27,250 levels, and then finally towards the major resistance at 27,600 levels.
GOLD WEEKLY CALLS – Sell MCX Gold June between 26,900 – 26,950, Stoploss- 27,250, Target – 26,300/26,000