Comex gold today trading at 1184 with flat loss. While mcx gold is up more than percent on weak rupee and risk off environment. From short term view, volatility will remain in market and more trading opportunities for traders in intraday as well as near terms.
From medium to long term perspective, international gold prices building bottomed out chart patterns and current risk off environment might help it.
On daily chart, comex gold is trading above 1 month average and heading towards 2 and 3 month averages with mixed indicators patterns. On downside 1160 is strong short term support an above it short term traders must follow buy and accumulate view. I am expect comex gold 1225$ plus in month of July.
While from medium to long term view, gold weekly chart, showing clear bottom out signal and weekly closing above 1220$ means trend change with higher price targets. From monthly chart analysis, 1440$ will be target level for next 12 to 24 months period. For investors 1120-1180 is buy and accumulate zone with stop loss 1050$ and minimum target will be 1440$. On monthly chart, short trapping might continue.
In our domestic market, gold has possible downside up to 25k but below it levels might now possible right now as gold prices still resilient to selling which might trigger strong hands short covering as well as value buying from investors to neutralize risk. Considering rupee weakness and comex gold movement, I am expecting minimum target of 30800 for gold in medium to long terms.