Mcx gold outlook for next week 12 to 16 Dec. 2016
closed at 27583 with loss. Mcx gold is in absolute downtrend. This was fifth losing week for gold prices and in these 5 weeks prices slides from high of 31300+ to lows near 27500. Total 3800 rupee or 12.5% drop from top and very bearish outlook.
For next week, mcx gold outlook remain bearish below 27760 and weekly gold targets are 27350 and then 27125.
From month view,and we saw fresh breakdown at 29300 level. On downside .
Positional bullion traders keep shorts with trailing stop loss and expect targets at 27250 and then 26100 in month of December.