Gold daily chart technical analysis
Mcx gold future on last trading session closed at 28,380 with gain. This was only positive session for the week. On daily chart, gold price trend and momentum both are down with bearish divergences on indicators. Prices are trading below all short-term averages in oversold state.
For next week, mcx gold support zones 28,000 and 27,600 while on upside 28,600 and 29,550 are strong resistances. 29,550 is gold prices 1 and 3 month average zone. Daily chart indicators are bearish but in oversold zones. 28,800 is trailing stop loss for short positions. As prices are in oversold state, bounce back is expected if rupee shows correction. Domestic gold prices facing double impact of currency and comex gold fall.
Gold weekly chart technical analysis
Mcx gold future this week almost tumbled by 5%. This week, gold future hit high at 29,700 while low was at 28,119. Total 1600 rupees or 6% weekly swing and closed with loss below it 2 years average level, which is very bearish sign for investors.
From medium to long-term view, gold future trend is now down with very bearish momentum. On upside 28,700 is first major resistance, which is its 2 years average level. Above it 29,500 is next resistance, which is 12 and 6-month average. On downside, 27,000 and 26,000 are supports and current scenario targets for upcoming weeks.