gold weekly forecast report
gold daily chart analysis
mcx gold feb expiry future on last trading session closed at 31335 with gains.on daily chart gold future is in downtrend as trading below major short term averages.
on chart mcx gold weekly support now at 31300 above that 31400 and 31500 are major resistances and 3 month and 1 month levels respectively.
on indicators side momentum is weak but now building on long side as indicators bouncing back from oversold state.on chart 30900 and 30500 are last major bottoms.
short term view is bearish and 31400-31500 must used for new shorts accumulation with strict stoploss above 31900 and expect 30900 to 30500 levels in next 1-2 weeks timeframe.
gold weekly chart analysis
mcx gold future this week closed with gains.new feb contact opened in this week after expiration of dec contract.on weekly chart gold future trend is bullish but momentum looks bad and selling is coming!!
on chart 30600 is 6 month support level below that 29800 is 12 month average support and in last 27000 is 2 years average support for now.
on indicators side both rsi and cci are with bearish divergences and suggesting upcoming sharp correction.
gold weekly outlook from 10 to 14 december 2012
short term traders book longs and go short in range of 31400-31600 with stoploss above 31900 and expect 30900-30500 again in next week?reversal is only above 32000 on closing basis.
medium to long term investors watch 30600 on weekly closing basis if closed below that book all long and keep money in hand for new buying at supports.year end profit booking rally is expect on both mcx and comex gold prices.
strong dollar may help domestic prices to sustain but still outlook remain negative for next 1-2 weeks.