COMEX Gold is in a technically consolidating on charts for short term. Last week COMEX Gold was trading on higher side and was able to made a close above 1600$ an ounce. In this week 1500$ will act as a major support in COMEX Gold and 1740$ will act as a major resistance.
Resistance: 1670 - 1643
Support: 1578 - 1539
STRATEGY
For this week traders can use buy on lower level strategy if COMEX Gold sustains above 1620 $ an ounce, then above 1640 $ it can test the level of 1660$/1680$/1705$ $ an ounce. And in MCX Gold above 28000 it can test the level of 28150/28300. Trade by keeping the strict stop losses.
Resistance: 1670 - 1643
Support: 1578 - 1539
STRATEGY
For this week traders can use buy on lower level strategy if COMEX Gold sustains above 1620 $ an ounce, then above 1640 $ it can test the level of 1660$/1680$/1705$ $ an ounce. And in MCX Gold above 28000 it can test the level of 28150/28300. Trade by keeping the strict stop losses.
- Major support for COMEX Gold in the coming week is 1505$ and 1460$.
- Major resistance for COMEX Gold in the coming week is 1710$ and 1790$.
- Major support in MCX Gold is 25500 and 24000.
- Major resistance in MCX Gold is 28700 and 29500.
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