Gold Weekly Outlook – MCX Gold August as seen in the weekly chart above has opened the week at 27,096 levels and made a high of 27,324 levels. This week prices could not sustained on higher levels fell sharply lower and made a low of 26,572 levels. This week prices closed below the previous week’s closing of 27,125 levels and finally closed 1.49% lower at 26,721 levels. Technically, as per the candlestick pattern prices have formed “Bearish candlestick” indicating lower moves.
Mcx gold as expected last week gold made a rally to 27320 levels and could not sustain at higher level and fall down very sharply to 26572 last week and closed at 26721 down @ 100 points to previous week’s closing technically as per candlestick pattern prices have formed bearish candlestick indicating lower for this week gold bears still have the firm overall near term technical advantage buls next upside near-term price breakout oBject is to produce a close above solid technical resistance @ 27350 bears next near term price breakout objective is closing price below 26300 this week support is seen at 26300 and resistance is seen at 27200.
Gold Support Support Level
For the next week we expect Gold prices to find support in the range of 26,350 – 26,400 levels. Trading consistently below 26,350 levels would lead towards the strong support at 26,000 levels and then finally towards the major support at 25,750 levels.
Gold Support Resistance Level
Resistance is now observed in the range of 27,050 – 27,100 levels. Trading consistently above 27,100 levels would lead towards the strong resistance at 27,400 levels, and then finally towards the major resistance at 27,750 levels.