Will Gold Head Towards Fresh Breakouts?

GOLD MCX Four Hourly Chart:
gold mcx weekly

GOLD COMEX Four Hourly Chart:
gold comex weekly

WEEKLY TRADING STRATEGY:

GOLD MCX faced correction last week and due to US strong Employment Data Precious Metals in COMEX face a sell off and GOLD COMEX broke important Support @1300-1295$ and Close below it.  Hence this week we may see down trend continuing.  GOLD MCX is also trading near to strong Support Levels @29550 and If Sustains below it can head towards lower levels @29000. Alternatively if sustains above its Demand Zone i.e. 29400-29500-29600 it can bounce back towards 30400 and Hence We Recommend to Go Short Below 29500-29400 and Go long only if GOLD sustains Above 30400.  

 

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