MCX Gold witnessed bearish movement last week as strength in the dollar and global equities curbed appetite for the safe-haven metal. Gold is sensitive to rising interest rates, which lift the opportunity cost of holding non-yielding assets, while boosting the dollar. The Fed will raise interest rates twice this year, most likely in June. In Previous week MCX Gold down by 0.59% and settled at INR 28959 while COMEX gold closed down with 0.56%. In coming week bearish movement is expected if it sustain below the level of 29500 then down side movement is expected.
Weekly Pivot Levels
COMM. R4 | R3 | R2 | R1 | P | S1 | S2 | S3 | S4
GOLD 31396 | 30616 |29836 |29397 |29056 |28617 |28276 |27496 |26716
Trend: Consolidate Resistance: 2940, 29840
Support: 28620, 28280 Strategy: Sell on high