Gold weekly outlook 2 to 6 June 2014
Gold daily chart technical analysis
Mcx gold future on last trading session closed at 26,863 with gain. On daily chart, gold price trend and momentum both are down. On daily chart, gold is trading below all short-term averages with oversold indicators. For next week, gold future outlook is bullish and expecting short covering. On downside expect support around 26,500 and then 26,000 while on upside 27,800 is first major resistance level of its 1 month average and 28,600 is next major resistance level of its 3 month average. Daily chart indicators are off the lows but still in oversold area.
Traders above 26,500 keep buy on dips view for target 27k to 27,800 in next week with strict stop loss below 26k.
Gold weekly chart technical analysis
Mcx gold future this week tumbled by 2%. This was fifth losing week for gold future and in these 5 weeks period gold prices lost almost 2500 rupees or almost 8% from value on double impact of sell off and stronger rupee. Gold price weekly trend and momentum both are bearish. Gold is trading way below its 2 years average with oversold indicator patterns. from medium to long term view, gold now has support around 26,000 and 24,800 while on upside 28,500 is first resistance of its 2 years average level and 29,000 is next resistance of its 12 and 6 month averages.
Here investors must use major falls to accumulate in small quantities for long-term view for targets 29k to 30k again.