On Friday, we clearly recommended support and resistance level in Commodity Samachar. Both levels were not executed in Gold and Silver and traded within a range.
Below are the updates on MCX Gold and XAU/USD. Bottom fishing likely to happen at lower levels.
Now, what next???
Gold has support at 47250–46900 and resistance at 47750
Decisive break and close above 47750 will take it to 48050—48300 and then to 48900 levels in days to come.
Gold is trading near to the support and bottom fishing is likely to happen in the next week.
If Gold fails to breach the resistance level of 47750 then it could test its support level of 47250—46900 again.
Traders can go for buying in Gold with a small quantity around 46900 with stop loss below 46300 on a closing basis for the upside target of 48900.
Our positive view gets negate on a close below 46300 levels only.
XAU/USD is settled around 1802
XAU/USD has support at $1785—$1750 and resistance at 1835
A decisive close above $1810 will take it to $1828—$1835. More and more upside rally we expect on a close above $1835 levels only or else it could test its support level of $1785—$1770 and then to $1750 again.
More and more downside panic we expect on a close below $1750 only.
Traders can buy and accumulate Gold in panic around $1785—$1770 with stop loss below $1750 for the upside target of $1835
Traders can trade safely as per the levels given above. If anything major seems then surely we will update during market hours.