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Dec 15, 2012, 03.34 PM IST | Source: Moneycontrol.com

Sell MCX Gold Feb around Rs 31280-31320; SL Rs 31401: Angel

Angel Commodities has come out with its report on "commodities weekly outlook". According to the research firm, one can sell MCX Gold February between Rs 31,280-31,320 with a stop-loss of Rs 31,401 for targets of Rs 31,025/30,900.

Angel Commodities has come out with its report on "commodities weekly outlook". According to the research firm, one can sell MCX Gold February between Rs 31,280-31,320 with a stop-loss of Rs 31,401 for targets of Rs 31,025/30,900.

MCX Gold February as seen in the weekly chart above has opened at 31,348 levels initially moved higher and as expected found very good resistance at 31,559 levels. Later prices fell sharply towards 31,091 levels and finally closed lower from the previous weeks closing levels.

For the next week we expect gold prices to find Support at 31,021 31,000 levels. Trading consistently below 31,000 levels would extend the current fall initially towards the strong support at 30,890, then 30,817 and then finally towards the major support at 30,606 levels.

Resistance is observed in the range of 31,285-31,325 levels. Trading consistently above 31,330 levels would lead towards the strong resistance at 31,480 levels, and then finally towards the Major resistance at 31,753 levels.

MCX / Spot Gold Trading levels for the week (17.12.2012 to 21.12.2012)

Trend: Down
S1-31,021 / $ 1682 R1-31,285 / $ 1705
S2-30,815 / $ 1667 R2-31,485 / $ 1717

Recommendation:  Sell MCX Gold February between 31,280-31,320, SL-31,401, Target -31,025/30,900

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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