MCX Gold Weekly Technical and Fundamental Analysis Report 4 July to 9 July 2011
GOLD MARKET OVERVIEW
COMEX Gold is in a consolidation phase. Last week COMEX Gold was sustaining at lower levels and closed below its 6 week low. In the coming week 1460 $ will act as a major support in COMEX Gold. If COMEX Gold sustains above 1460 $ an ounce then above 1490 $ an ounce it can touch the, level of 1505$ an ounce and if COMEX Gold sustains below 1460$ then it can go slightly down and test the level of 1442$ an ounce.
GOLD STRATEGY
For the next week traders can use buy on lower level strategy if COMEX Gold sustains below 1460 $ an ounce, then above 1490$ it can test the level of 1505$ an ounce and above 1525$ it can further move upward. Trade by keeping the strict stop losses.
Major support for COMEX Gold in the coming week is 1460$ and 1425$.
Major resistance for COMEX Gold in the coming week is 1560$ and 1590$
Major support in MCX Gold is 21500 and 21100
Major resistance in MCX Gold is 22200 and 22500
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GOLD MARKET OVERVIEW
COMEX Gold is in a consolidation phase. Last week COMEX Gold was sustaining at lower levels and closed below its 6 week low. In the coming week 1460 $ will act as a major support in COMEX Gold. If COMEX Gold sustains above 1460 $ an ounce then above 1490 $ an ounce it can touch the, level of 1505$ an ounce and if COMEX Gold sustains below 1460$ then it can go slightly down and test the level of 1442$ an ounce.
GOLD STRATEGY
For the next week traders can use buy on lower level strategy if COMEX Gold sustains below 1460 $ an ounce, then above 1490$ it can test the level of 1505$ an ounce and above 1525$ it can further move upward. Trade by keeping the strict stop losses.
Major support for COMEX Gold in the coming week is 1460$ and 1425$.
Major resistance for COMEX Gold in the coming week is 1560$ and 1590$
Major support in MCX Gold is 21500 and 21100
Major resistance in MCX Gold is 22200 and 22500
MCX Gold and Silver Tips on Mobile Free Click Here