February 27, 2012

MCX Gold Tips Trend

MCX Gold (April) as seen in the weekly chart above has opened on its low at 28120 levels and then rallied sharply breaking both the resistances, but finally found very good resistance at 28944 levels. For the next week we expect gold prices to find resistance at 29030-29080 levels and further above strong resistance is seen at 29380-29400. Trading consistently above 29410 would trigger a rally initially towards 29730 levels, and then finally towards 30000 levels. Strong support is now observed at 28450-28400 levels. MCX Gold is in a trend to buy for today.
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