gold forecast for next week 3 to 7 jun 2013

gold forecast for next week 3 to 7 jun 2013


gold daily chart technical analysis

mcx gold future on last trading session closed at 26811 with loss.on daily chart mcx gold future trend is down and momentum also now losing to seller after bounce back rally.

on daily chart,mcx gold future still trading below 3 month average of 27500 while on downside 26800 is week average and 26600 is month average and both are supports for now.

on daily chart mcx gold indicators showing after bounce back momentum is now losing to sellers.

gold weekly chart technical analysis

mcx gold future this week closed with 1.53% this week mcx gold future made high at 27308 while low was 1100 rupee week range and closed with gains showing recovery on weekly chart.

on weekly chart mcx gold future still in bear market but on account of weaker rupee we seen premium pricing and bounce back rallies.on upside 28k remain strong resistance on weekly closing basis.above that 28800 is 6 month average and 29k is 12 month average.on downside 26k and 25,500 are support levels.

on indicators mcx gold momentum still in favor of bounce back rally so expect recovery rallies ahead in medium terms.

gold forecast for next week 3 to 7 jun 2013

for next week,below 27500 traders keep sell on rise view.volatility remain high on global news flow as well as rupee support are narrowly placed short new 27500 only with stoploss and expect 26800-26600 as downside target.if close above 27500 and hold for one session then short term view will change on bull side.

from medium to long term view,mcx gold future outlook remain negative and below 28k levels on weekly closing basis keep selling and profit booking view.on downside we may see sudden collapse on news flow and may crack down to 23k and then 18k levels eventfully.buying suggested above 28k on sustainable basis.

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Pramod Baviskar

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