Gold weekly forecast report
Gold daily chart analysis
mcx gold feb expiry future last closing was 30907 with gains.on above daily chart gold future short term trend is down and after touching highs near 31200 we seen sharp fall as comex gold hit sentiment profit booking.
on chart mcx gold weekly average is 30900 and then monthly average is 30980 and in last 3 month average is 31100.both these level are major resistances.
on downside 30700 and 30500 are support levels.short etrm trend will change if cross 31100 on closing basis and sustain above it.in that scenario targets become 31500 and 31800. for domestic gold prices weak rupee going to support in upcoming days.
on indicators side,mcx gold daily cci is –24 and with bullish divergence while mcx gold daily rsi is 46 and off the lows with bullish divergence.so both indicators suggest underlying bullish momentum.
for next week above 30500 and 30700 remain buying zones and on upside expect multiple target levels of 31100 then 31500 and finally 31850.rupee depreciation and import taxes hike speculation ? may push gold prices on higher side!!
Gold weekly chart analysis
this week mcx gold future closed with gains.this week we seen gains of 0.66% in prices.on weekly chart we can see that mcx gold future given positive closing near 6 month average level of 31550 which may be reversal sig for next 3-4 weeks??
below 6month average next support level will be 52 weeks average of 29900 and in last 27500 is 2 years average level and final support of gold future bull market!!
on indicators side mcx gold weekly cci is –43 and showing early reversal signs.rsi also inched up with this week positive closing.
mcx gold medium to long term trend still up and momentum also building on long side so stay long and expect 31800 and 32250 as medium term targets above 30500 on weekly closing basis.
Gold weekly outlook for 7 to 11 jan 2013
mcx gold for short term view remain buy near 30700-30500 with stoploss below 30200 and expect 31100 then 31500 and in last 31850 as multiple targets.below 30500 trend once again resume on downside that will happen if comex gold prices sees sharp cuts!!
medium to longer term we still bullish and above 30500 remain bullish view.for targets of 31800 and then 32250.if slips below 30500 and hold it for next 2-3 weeks then possibly 2013 going to be worst year for gold prices/investors??