gold daily chart technical analysis
mcx gold future on last trading session closed at 31884 with loss.on daily chart mcx gold future trend is up but showing signs of correction as rupee start spiking up.
on daily chart mcx gold future closed below week average of 32000 which is now resistance.above that 33k and 33500 are strong supply points.on downside 31800 is month average and first support while 29800 is 3 month average and last short term view support.
on indicators,mcx gold daily chart shows cci at 0 and with bearish divergence while rsi is at 57 and off the highs.
gold weekly chart technical analysis
mcx gold future this week closed in red with loss of almost 4%.this week mcx gold made high near 34500 while low was near 31500.total almost 3000 rupee or 8% range and closed in red as rupee gains and profit booking triggered here.
after last 3 weeks one side run gold future losing some gains on account of correction.here all major averages support is way down near 29k levels.in between 31k and 29800 are support levels.on upside 33k is clear top on weekly chart.
on indicators mcx gold future weekly chart cci level is +197 and off the highs while rsi is at 58 and showing same.
gold forecast for 9 to 13 sep 2013
for next week,below 31800 expect sharp breakdown for target 31k and then 29800 for sure.any closing above 3220 will considered as reversal and so uptrend will resume.on upside 34-35k are still remain as targets.
from medium to long term view,rally started at 28k and hit high near 35k so total 7000 rupee rally and now correction is started so expect 2/3 deep correction and may show 30-31k levels and then may find support on account of buying.below 29800 on weekly closing confirm short to medium term downtrend!!