Gold daily chart technical analysis
MCX gold future on last trading session closed at 28,905 with gain. On daily chart, gold price trend is down but momentum is strong on recovery side as short covering hit the market. Weaker rupee and recovery in comex gold prices will set up smooth rally for gold. For next week, gold future support zones are 28,500 and then 27,900. These are previous swing bottoms while on upside 29,200 is strong resistance level of 3 month average and above it 29,800 will be next strong resistance level. Daily chart indicators patterns are bullish and suggesting rally will continue in next week.
Traders with stop loss below 28,500 follow buy on dips view for targets 29,200 and then 29,800 in next week.
Gold weekly chart technical analysis
MCX gold future this week closed with gains of 1.4%. This week gold future hit high at 28,965 while low was at 28,282. Total 700 rupee or almost 2% plus swing and closed with gain. Gold prices are closed above 2 years average level, which is very bullish sign. From medium to long-term view, supports are now at 28,500, which is 2 years average level, and then 27,800. On upside 29,200 is 6, 12-month average zone, and first resistance on weekly chart. Above it, 30,500 will be next resistance. Weekly chart indicators pattern are on recovery side.
Investors above 28,500 keep accumulation strategy for gold and expect first targets at 29,200 and if gives weekly closing above it then 30,500 will be next target for gold.