Mcx Gold Weekly Outlook – MCX Gold Feb. as seen in the weekly chart above has opened the week with gap down at 26,400 levels and in the starting of the week prices have made a low of 26,280 levels. During this week as expected prices could not able to sustain on lower levels and bounced towards the weekly high of 27,359 levels. In this week prices closed above the previous week’s closing of 26,357 levels and finally closed 3.23% higher at 27,209 levels. Technically, as per the candlestick pattern prices have formed “Bullish Candlestick pattern” indicating positive trend for the next trading week.
Gold Support & Resistance Level Report for Upcoming Next Week :
For the next week we expect gold prices to find support in the range of 26,600 – 26,500 levels. Trading consistently below 26,500 levels would lead towards the strong support at 26,100 levels and then finally towards the major support at 25,300 levels.
Resistance is now observed in the range of 27,800 – 27,900 levels. Trading consistently above 27,900 levels would lead towards the strong resistance at 28,300 levels, and then finally towards the major resistance at 28,800 levels.