MCX Tips For : Gold Oct around Rs 31600-31650; SL Rs 31380

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Max Commodity has come out with its weekly outlook on MCX Gold, Silver. According to the research firm, one can buy MCX Gold October between Rs 31650-31600 with a stop-loss of Rs 31380, for a target of Rs 32200. More information about mcx tips visit my site mcx-trade-tip.blogspot.com

MCX GOLD OCTOBER (CMP 31,896 / $ 1735.40)

MCX Gold October as seen in the weekly chart above has opened at 31,311 initially moved lower, but found very good support at 31,186 levels. Later prices rallied sharply breaking both the resistances towards 32,004 levels and finally closed sharply higher from the previous weeks closing levels.

For the next week we expect gold prices to find Support at 31,700 31,640 levels and further below strong support is seen at 31,400-31,340 levels. Trading consistently below 31,320 levels would trigger sharp correction initially towards 30,955 then 30,881 and then finally towards the major support at 30,625 levels.

Resistance is observed in the range of 32,220-32,250 levels. Trading consistently above 32,260 levels would lead towards the strong resistance at 32,490-32,520 levels, and then finally towards the Major resistance at 33,024 levels.

MCX / Spot Gold Trading levels for the week (10.09.2012 to 14.09.2012)

Trend: Up
S1-31,700 / $ 1720 R1-32,220 / $ 1756
S2-31,400 / $ 1699 R2-32,520 / $ 1777

Buy MCX Gold October between 31,650-31,600, SL-31,380, Target -32,200