Mcx gold technical analysis for 16 November 2016
Mcx gold on last trading session closed at 29303. Mcx gold price trend and momentum both are bearish but prices are technically oversold.
On downside 292150-29200 is major support zone breakdown below it means very bearish target up to 28400. For intraday, mcx gold future support zones are 29200 and 29100 and fresh buying zones. On upside 29450 and 29675 are resistances as well as target zones.
Positional long traders must put stop loss below 29150 for target 30100. Weekly closing below 29150 means sure sell target of 28400 for mcx gold.