Gold daily chart technical analysis
Gold future on last trading session closed at 30,090 flat. On daily chart, gold price trend and momentum is bullish. Prices are trading above short term averages while indicators are with bullish divergences.
For next week, gold future support zones are 29,800 and then 29,500. On upside expect strong supply from market at 30,200 and 30,800 levels. These will be target levels for next week and above 29,500 short traders must keep buy on dips view. High volatility is expected ahead on rupee/dollar and comex gold prices swings.
Gold weekly chart technical analysis
Gold future this week closed with 0.67% gains. This will be third gaining week for gold prices and in these three weeks prices rallied from 29k to 30,400. This week gold future hit high at 30,400 while low was around 29,881.
Total 500-rupees weekly range or 2% swing and closing with gain. From medium to long-term view, gold future trend and momentum is strong bullish and expected to continue ahead. Weekly chart indicators are bullish and telling the same.
On downside 29,500 is gold future 6and 12-month average zone and first support on weekly chart. Below that 28,500 is gold 2 years average level and last support on weekly chart for uptrend. On upside, 30,200 and then 31k are strong resistances as well as targets for swing traders.
Investors above 28,500 keep buy on dips view for target 31,000 in next few weeks.