gold weekly forecast report
gold daily chart analysis
mcx gold dec expiry future on last trading session closed at 31640 with loss.on daily chart mcx gold future closed above all short term average suggesting short term bull trend.
on downside mcx gold weekly average is 31,550 and below that monthly average of 31300 and in last 31100 is 3 month average.all these levels now act as supports.
as we given in last week gold slowly moving towards 32,000 and to new high and in next 1-2 weeks may see that on weak rupee and resilient comex gold.usd fiscal cliff may also trigger buy in comex gold?
on indicators side,gold daily cci is +91 and near breakout!while gold daily rsi is 56 and showing bullish trend resumption.
gold weekly chart analysis
mcx gold this week closed with gains but flat.on chart look like near long term fresh breakout.as last top weekly candle was 31,800-32,400 range!!
mcx gold future after taking support at 6 month average never looked back and trending higher on buying and weak rupee.on weekly chart mcx gold medium to long term supports are 6 month average 30200 then 12 month average of 29500 and in last 2 years average is 27,000.
on indicators side,mcx gold weekly cci is +91 and at breakout stage while gold weekly rsi is 57 and showing signs of retraction on upside.
gold weekly outlook 19 to 23 nov 2012
for short term traders hold long with stoploss below 31500 for targets 31800-32000+.if want to buy ,new buying done near support only.at current stage risk-reward is not favorable!!
for medium to long term traders,hold long traders with trailing stoploss.our given target of 31800 is achieved but momentum still on long side.next big move will be expect above 32,200.above this level next move will be 3-5% means medium to long term targets comes at 33,100 to 33,600!!