COMEX Gold prices traded lower in the past week and made a low of $1047 levels. However, a sharp recovery in Friday’s session has kept the prices at $1065 levels. Overall bearish outlook remains unchanged as the prices restricted below $1089 level and current pullbacks can be considered as a fresh selling opportunity at higher levels. On the other hand further fall is possible towards $1032 & 1011 levels if it breaks 9ts prior lows of $1045 levels.
As per Pinnacle Financial Services Commodity Experts suggest “MCX Feb Gold too shed almost 600 points on w-o-w basis and settled at 25106 levels. Further fall is possible towards 24740 & 24480 levels, where as resistance resides at 25302 levels. As per Candlestick/chart pattern Sell is Suggested in MCX Gold around 25302 for short term target (3-4 days) 24740 and 24480, Maintain stop loss at 25610”
Small investors can go for Gold Mini contract..