Gold is likely to scale new heights in the coming days for the marriage season, today The precious metal gained Rs 320 to Rs 32,300 per 10 grams. It has gained by Rs 1,555 per 10 grams in the last two weeks.
MCX GOLD on its weekly chart forms an upward channel pattern and gave closing above the upper band of channel. Last week it broke its life time high and continuously made new life time highs. And on downside 31500 act as strong support below this some correction is expected. If it able to maintain this bull rally than next resistance is seen around 32450.
Better strategy in the MCX GOLD is to buy above 32450. For the target of 32700-33000, with stop loss of 31500.