Gold forecast for week 21 to 25 April
Gold daily chart technical analysis
Mcx gold on last trading session closed at 28,500 with loss. Daily chart price trend and momentum both are down. After technical bounce back, once again prices are under pressure on fresh selling wave. Gold future is trading below 1 and 3 month averages with bearish indicators.
From short term view, gold future support zones are 28,300 and 27,900 while on upside 28,800 is 1 month average and first resistance and 29.300 is next resistance, which is 3 month average zone.
Traders below 29,300 keep short view on gold and follow sell on rise view. Targets are 28,300 and then 27,900. If gold gives closing below 27,900 then expect another bout of selling and 1000 rupee downside for gold.
Gold weekly chart technical analysis
Mcx gold this week tumbled by almost 1%. This week gold high was at 28,986 while low was 28,200. Total 800 rupee range or 2% weekly swing and closed below 2 years average. From medium to long term view, gold closing below 2 years average is very bearish signal and suggesting long term downtrend start.
From medium to long term view, gold now has major resistances at 28,800, which is 2 years average level, and 29,200, which is 12 and 6 month average zone. On downside, 27,900 and 26,000 are strong supports as well as targets if downtrend continues. Weekly chart indicators and oscillators are bearish and suggesting downside for prices in upcoming weeks.
Investors below 28,800 keep short view and keep targets at 27,900 and below.