MCX GOLD OCT: In the previous week, Gold costs started on a strong note and rallied strongly for the first two consecutive sessions to a high of 29937. Later costs were accurate slightly and rose again for the remaining week and closed around 29823 levels.
In the past, costs have been consolidating in a narrow range after taking strong resistance close to previous multiple highs placed around 29600 levels. Prices have broken out from these levels and rallied powerfully in the previous week.
Costs are predictable to rise further from these levels after that strong resistance placed around 61.8% Fibonacci retracement of its fall from a high of 32455 till a low of 26862, which is placed at 30318 levels.
On the lower side, instant support is placed around 29600 levels.
