gold forecast for 8 to 12 july 2013

gold daily chart technical analysis

mcx gold future last closed at 26034 with gains.on daily chart mcx gold future trend is down but momentum slowly building up as rupee supporting prices on every deep fall.

on daily chart mcx gold future trading just above week average of 25900 which is now act as support.on upside 26500 is month average and first resistance while 27k is 3 month average and last major resistance from short term view.on downside below week average gold has support at 25500 and now at 24900!!

on daily chart mcx gold cci is –68 and with bullish divergence.while rsi is at 43 and still below 50 but forming bullish divergence.

 

gold weekly chart technical analysis

mcx gold future this week closed with gains of 1.42%.this week gold high point was 26430 while low was 25574.total 850 rupee week volatile range and gains as rupee tumble to new low.

on weekly chart mcx gold trend is absolute down as trading below all long term average but momentum is bullish on recovery and premium from weak rupee.

on upside 27800 is 2 years average and major resistance.on downside 25800 and 24900 are small supports on weekly chart.

on weekly chart mcx gold future cci is –106 and off the low.while rsi is 40 and hovering in bearish zone.

gold forecast for 8 to 12 july 2013

for next week,above 25900 support hope for bounce back rally as rupee outlook is very negative.but sudden crack in comex gold may resume downtrend so stay alert and keep strict stoploss for long position.those have short on higher level must trail closing basis stoploss at 27k and keep target at 25500 and then 24900.

from medium to long term view,every major bounce must used for short accumulation and keep longer term target at 23k and then 18k.comex gold may show lower level upto $850 in very long terms.if rupee fundamental improves then all premium in gold will be swiped away and panic selling is expected and this scenario will be expected after general election!!

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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