MCX Gold daily chart technical analysis
MCX Gold future last closed at 29,889 with gain. On daily chart, gold future price trend and momentum both are bullish. Prices are trading above all short-term averages and heading towards previous tops. Daily chart indicators are with bullish divergence and suggesting upside for gold future in next week.
For next week, mcx gold future support zones are 29,500 and then 28,800 while on upside expect strong resistances at 30,200 and then 31,000.
Traders above 29,500 must follow buy on dips view for gold and keep targets at 30,200 and above that 31k.
MCX Gold weekly chart technical analysis
MCX Gold future this week closed with almost 2% gains. This week gold future low was at 29,384 while high was at 30,260. Total 900 rupee or almost 3% weekly volatility and closed with gain.
On weekly chart, mcx gold future price trend and momentum both are bullish. Trading above all medium to long-term averages and heading towards top. On downside major supports are 29,500 and below that 28,200. Both are 12 months and 24 months average levels respectively. On upside 30,000 and then 31,000 are strong resistances as well as targets zones from medium term view. Weekly chart indicators are bullish and suggesting rally will continue for upcoming weeks.
Swing traders and investors above 28,200 keep buy and accumulate view and expect targets of 30k and then 31k.