Posted by Bhupendra Adhav on Tuesday, October 5, 2010
Technical Analysis GOLD
SCRIPT R4 R3 R2 R1 P S1 S2 S3 S4
GOLD 1442 1397 1351 1334 1305 1288 1259 1213 1167
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.
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.
at 7:30 PM
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