Gold was pummeled over the week, closing at 1176$ against last week’s close of 1235$. This down week comes after four consecutive up moves. It appears last weeks close above previous record high 1226.50$ was a false break to the topside. The power of this week’s reversal suggests the market will be selling rallies in the metal while it remains below 1201$. We see support nearby at 1169.50$ followed by 1147$, the 50% Fibo of our three month up move. Now support for the gold MCX is seen at 17984 and below could see a test of 17967. Resistance is now likely to be seen at 18015, a move above could see prices testing 18029.

Trading Ideas:

Gold trading range is 17967-18029.

Gold was pummeled over the week, closing at 1176$ against last week’s close of 1235$.

Support for the gold is seen at 17950 and resistance is at 18030.

In spot gold looks to have a support at 1167$ and resistance is at 1182$

BUY GOLD JUNE @ 18020 SL 17970 TGT 18065-18100-18165.MCX