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MCX Gold Oct: Strong Resistance Placed Around 30318 Levels

MCX Gold   September 05, 2017

MCX GOLD OCT: In the previous week, Gold costs started on a strong note and rallied strongly for the first two consecutive sessions till high of 29937. Later costs accurate slightly and rose again for the remaining week and closed around 29823 levels.

In the past, costs have been consolidating in a narrow range after taking strong resistance close to previous multiple highs placed around 29600 levels. Prices have broken out from these levels and rally powerfully in the previous week.

Costs are predictable to rise further from these levels towards after that strong resistance placed around 61.8% Fibonacci retracement of its fall from high of 32455 till low of 26862, which is placed at 30318 levels.

On lower side, instant support is placed around 29600 levels.


 

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