MCX GOLD WEEKLY REPORT 25th Oct to 30th Oct.

Posted by Bhupendra Adhav on Saturday, October 23, 2010


Technical Analysis MCX GOLD
Weekly Chart

Weekly Pivots

SCRIPT          R4        R3        R2         R1         P          S1         S2        S3         S4  
GOLD          1518    1458    1398     1361    1338    1301    1278    1218     1158

Market Overview

COMEX Gold is in a bullish phase. Last week COMEX Gold does not sustained above 1380$ level. In the coming week 1270$ will act as a major support in COMEX Gold, if COMEX Gold sustains above 1300$ an ounce then above 1332$ an ounce it can touch the level of 1350$ an ounce and if COMEX Gold sustains below 1300$ then it can slightly correct and test the level of 1270$ an ounce.

Strategy

For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1300$ an ounce, then above 1332$ it can further go upward and can test the level of 1350$/ 1365$ an ounce. Trade by keeping the strict stop losses. Major support for COMEX Gold in the coming week would be 1310$ and 1270$. Major resistance for COMEX Gold in the coming week would be
1367$ and 1390$ Major support in MCX Gold is 18900 and 18600 Major resistance in MCX Gold is 19760 and 20120 

MCX Tips for Today

Here we daily post MCX Tips for Today for Bullion Commodity Gold Silver, Energy Crude Oil and Natural Gas and Base Metals - Copper, Zinc, Aluminum, Lead and Nickel Tips trend and trading levels for today.
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Base Metals
MCX Energy
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