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
