gold forecast for 2 to 6 sep 2013

gold daily chart technical analysis

mcx gold future last closed at 33034 with loss.on daily chart mcx gold future trend and momentum both bullish and after hitting top at 35k now showing some cooling on account of rupee strength and profit booking.

on daily chart mcx gold future closed below week average of 33500.so here 33500 and top of 34k remain as resistance for next week.on downside 31k is mcx gold month average and 29k is 3 month average and both remain as strong supports from short term view.

on indicators side,mcx gold cci on daily chart is at +105 and comes down from high and forming corrective pattern.rsi is at 70 and moving down from overbought zone.

mcxgolddailychartfor2to6sep2013

gold weekly chart technical analysis

mcx gold future this week closed with gains of 4%.this week mcx gold future low was near 31700 while high was near 35100.total almost 3400 rupee or almost 10% run from bottom and closed with 4% gains at last.

in last 3 weeks as rupee tumbles to new lows mcx gold future on speculation and buying demand rallied from 28k to 35k.total almost 7000 rupee or 23% gains in very short time.

here on weekly chart,all major average are 28500-28k levels.but in between 32k and 30k are strong supports.on upside 34-35k remain as strong supply zone.

mcx gold indicators on weekly chart,shows cci is at +252 and in overbought zone.while rsi is at 62 but still holding bullish divergence pattern.

gold forecast for 2 to 6 sep 2013

for next week,mcx gold future remain buy on dips.as support are way down so buy near 29-30k on deeper correction for target 33-34k on upside.here also volatility remain high in upcoming time and we may see 500-1000 rupee range on daily chart!!

from medium to long term view,trend and momentum strong and mcx gold future achieved 35k target.next target will be 38.5 and then 41k from long term view.if rupee slips below 70 and comex gold above 1480 then we may see 40k+ levels here.

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Updated: 01/09/2013 — 10:19 AM

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Pramod Baviskar

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