WEEKLY COMMODITY GOLD REPORT 18th Oct 2010 to 23rd Oct 2010

Posted by Bhupendra Adhav on Monday, October 18, 2010

Technical Analysis GOLD
Weekly Chart

Weekly Pivots

SCRIPT        R4            R3          R2          R1         P            S1          S2          S3         S4 
GOLD        1508         1461      1414     1393     1367     1346     1320     1273     1226  

Market Overview

COMEX Gold is in a bullish phase. Last week COMEX Gold sustained above the level of 1340$ and made a high of 1388$ an ounce. In the coming week 1270$ will act as a major support in COMEX Gold, if COMEX Gold sustains above 1340$ an ounce hen above 1400$ an ounce it can touch the level of 1420$ 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 1340$ an ounce, then above 1400$ it can further go upward and can test the level of 1420$ an ounce. Trade by keeping the strict stop losses. Major support for COMEX Gold in the coming week would be 1310$ and 1270$. Major resistance for COMEX Gold in the coming week would be 1401$ and 1425$ Major support in MCX Gold is 19550 and 19300 Major resistance in MCX Gold is 20200 and 20500 .

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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