MCX GOLD future technical analysis update
Mcx gold future is trading at 29170 with flat loss for today. Mcx gold for month of august opened bullish and then given small correction up to 28300 while on downside 28250 was my monthly trend support level. After hitting low of 28300, gold prices never looked back and rallying continuously upwards on buying as well as risk off environment in global markets.
For this month, my mcx gold future bullish targets were 28900 and then 29250 and both are achieved and mcx gold given swing high near 29300. Now on downside 28900 and 28700 are strong support zone. On daily chart, mcx gold price trend and momentum both are still strong bullish and rally might extend into super bullish zone and if gives breakout above 29250 and then sustain above it. Then bullion traders can take another long shot for my super bullish target zones of 29900 and then 30280 rupees. If fails to cross 29250 then eventually it will result on profit booking and correction towards support zones. Mcx gold daily chart RSI is 76 and overbought but with bullish divergence. MACD is at 26 with fresh rally signals.
From long term view, mcx gold finally came way above support of 28250 with strong bullish candle on weekly chart. above 28250, my 2017 first investment target is around 31400 and this can be expected if world dragged into another war by US and north Korea. On upside 29500 is major hurdle on weekly chart as soon as prices cross this level we will see sharp short covering rallies from short hands.