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 .
