MCX gold price outlook week feb 27 - march 2 2012

MCX gold price outlook week feb 27 - march 2 2012, mcx gold tips feb 27 2012 ; Gold is likely to test record high this week on concerns that heightened tensions between the West and Iran might worsen, prompting investors to buy the yellow metal to hedge risk.

With gold prices likely to cross $1,800 an ounce, traders and analysts say the domestic spot prices may surpass the previous record of Rs 29,140 per 10 grams that the metal had touched on November 16. Backed by strong fundamentals, the metal on Saturday closed at Rs 28,510 per 10 grams on the Multi Commodity Exchange (MCX).

For the next week, we expect gold prices to remain higher. There could be resistance in the range of Rs 29,030-29,080 per 10 grams. Further above, another strong resistance is seen at Rs 29,380-29,400. Trading consistently above Rs 29,410 would trigger a rally initially towards Rs 29,730 per 10 grams and again towards Rs 30,000,

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