Technical Analysis GOLD
Weekly Pivots
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
GOLD 1442 1397 1351 1334 1305 1288 1259 1213 1167
Weekly Chart
Market Overview
COMEX Gold is in an upward phase. Last week COMEX Gold sustained above the level of 1305$ and made a high of 1322$ an ounce. In the coming week 1270$ will act as a good support in COMEX Gold, if COMEX Gold sustain above 1300$ an ounce then above 1325$ an ounce it can touch the level of 1340$ an ounce and below 1300$ if COMEX Gold sustains then it can slightly correct and test the level of 1275$ an ounce.
Strategy
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above 1305$ an ounce, then above 1325$ it can further go upward and can test the level of 1340$ an ounce. Trade by keeping the strict stop losses. Major support for COMEX Gold in the coming week would be 1270$ and 1240$. Major resistance for COMEX Gold in the coming week would be 1330$ and 1350$ Major support in MCX Gold is 18900 and 18500 Major resistance in MCX Gold is 19400 and 19700.
