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.  

 

Profit Play

Profit Play is Technical Research Company and We Provide PMS Services, Investment and Trading Advise to Our Clients in MCX Commodities and NSE Stocks/Index. We are also traders in MCX and NSE Markets. More From Profit Play »

1 comment… add one

  • raju November 11, 2013, 11:00 am

    ohoo both side 4 run ;)

    Reply

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    • Rajandran is a Market Analyst and founder of Marketcalls, one of the most intelligent blog in the world to share knowledge on Technical Analysis, Trading systems & Trading strategies.