gold forecasts for 27 to 31 may 2013

mcx gold daily chart technical analysis

mcx gold future on daily chart last closed at 26406 with flat loss.on chart gold future trading just below month average of 26550 and above that 27600 is 3 month average and major resistance from short term view.

on downside mcx gold week average is 26300 and below that 25800 will be next major short term support.gold indicators on daily chart,showing cci is at –34 and with bullish divergence while rsi is at 43 and off the lows.

mcx gold weekly chart technical analysis

mcx gold future on weekly chart showing +2.21% gains in this week.on chart trend is down but momentum clearly showing recovery signs.here tumbling rupee remain supporting factors for mcx gold prices.

if rupee reach to new highs domestic gold prices shows resilience and appreciation as compared to comex gold and still hovering near highs.comex gold from top showing 275 drop while mcx gold only 17% down due to rupee weakness.

on weekly chart,below 28k levels trend remain down.28k is 2 years average resistance level and important on weekly closing basis.above that 6 month average is 28800 while 12 month average now at 29200 and both these are next resistances above 28k.on downside 25500 is important level to watch on weekly closing basis.

0n weekly chart momentum and trend indicators off the lows and formed bullish divergences.suggesting upcoming run in gold?

mcx gold forecasts for 27 to 31 may 2013

for next week above 26200 on closing basis expect recovery/technical bounce back rally to continue.on upside 26550 and then 27500 are target level.if shows reversal from these level on negative closing then go shorts with stoploss as trend is down.but overall in my view gold remain resilient as rupee weakness subsiding comex fall.

from medium to long term view below 28k on weekly closing basis investors keep negative view.if close above 28k on weekly basis then think of buying.any panic in global market may crack weak gold to new levels.and any political magic from domestic side also be factor to watch?

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Pramod Baviskar

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