Mcx Gold Weekly Outlook – MCX Gold June as seen in the weekly chart above has opened the week at 26,845 levels and made a high of 26,967 levels. This week prices fell sharply lower and made a low of 26,606 levels. This week prices closed below the previous week’s closing of 26,812 levels and finally closed 0.41% lower at 26,701 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating lower moves.
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 25,600 levels.
Resistance is now observed in the range of 26,950 – 27,000 levels. Trading consistently above 27,000 levels would lead towards the strong resistance at 27,300 levels, and then finally towards the major resistance at 27,600 levels.
Sell MCX Gold June between 26,950 – 27,000, Stoploss- 27,300, Target – 26,300/26,000