MCX Gold trend for november 12-16 2012, gold prices Recommendation, gold prices in india : According to the research firm, one can buy MCX GOLD December between Rs 31300-31350 with a stop-loss of Rs 31000 for the targets of Rs 31800 and 31850.
MCX Gold December as seen in the weekly chart above opened at 30518, went slightly lower making a low of 30491 where it found good support with buyers emerging pushing the prices on a constant uptrend for the rest of the week making a high of 31737. Gold finally closed the week below the highs at 31640. On weekly chart, the price action of last week has made a long white candle, a bullish pattern.
For the next week we expect gold prices to find Support at 30800 levels and further below strong support is seen at 30350. Trading below 30350 can take gold prices lower to 30100 and below that to 29700. Major support seen at 29100
Resistance is now seen at 32100. Trading consistently above 32100 would take the gold prices towards strong resistance at 32450-32500. Above 32500 gold will be trading in new highs and can find next resistance at 33000
MCX / Spot Gold Trading levels for the week
Trend: Up
S1-30800 / $1680 R1- 32100 / $1760
S2-30350 / $1655 R2-32450 / $1780
Recommendation:
Buy MCX GOLD Dec between 31300-31350, SL - 31000, Target - 31800 / 31850
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