Gold daily chart technical analysis
Gold future on last trading session closed at 30,130 with loss. On daily chart, gold prices trend and momentum both are bullish. Gold prices are trading above month and 3-month averages while closed just below week average. Indicators patterns are bearish and suggesting correction ahead.
For next week, mcx gold support zones are 29,900 and 29,600 while on upside expect strong resistances at 30,200 and 30,600.
Short-term traders above 29,600 keep buy on dips view for targets of 30,200 and then 30,600. Correction will be buying opportunity until prices hold major averages.
Gold weekly chart technical analysis
Gold future this week closed with flat gain. This week mcx gold hit low at 29,900 while high was at 30,660. Total 760 rupee or 2% weekly swing in prices and closed flat as profit booking hit the market. Prices are now going in Consolidation after last three weeks sharp gains.
From medium to long-term view, gold support zone snow at 29,200, which is 6 and 12-month average zone below that, 28,500 will be 2 years average level. On upside 30,200 and 31,000 are strong resistances.
Investors above 28,500 keep long view use major correction moves for long accumulation, we may see 31k+ targets in upcoming weeks.