MCX Gold February as seen in the weekly opened at 32,631 levels initially moved higher, but found very
good resistance at 32,830 levels. Later prices fell sharply towards 31,480 levels and finally closed sharply lower from the
previous weeks closing levels.
For the next week we expect gold prices to find Support at 31,400 – 31,380 levels. Trading consistently below 31,370 levels
would extend the current fall initially towards the strong support at 31,100-31,070 and then finally towards the major
support at 30,600 levels.
Resistance is observed in the range of 31,950-31,990 levels. Trading consistently above 32,000 levels would lead towards
the strong resistance at 32,430 levels, and then finally towards the Major resistance at 33,300 levels.
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