Commodity Gold - Next Week Outlook

Market Overview

COMEX Gold is in an upward consolidation phase. Last week COMEX Gold sustain above
the level of 1340 and able to sustain it. In the coming week 1310$ will act as a major
support in COMEX Gold, if COMEX Gold sustains above 1368$ an ounce then above 1370 $
an ounce it can touch the level of 1390$ an ounce and if COMEX Gold sustains below
1300$ then it can slightly correct and test the level of 1270$ an ounce.

Strategy

 
For the next week traders can use buy on lower level strategy if COMEX Gold sustains above
1368$ an ounce, then above 1370$ it can test the level of 1390$ an ounce and above
1400$ it can further move upward. Trade by keeping the strict stop losses.
Major support for COMEX Gold in the coming week is 1310$ and 1260$.
Major resistance for COMEX Gold in the coming week is 1400$ and 1435$
Major support in MCX Gold is 19700 and 19300
Major resistance in MCX Gold is 20550 and 20850

 

Posted in: Comex Gold,Commodity Tips,Gold Comex