Gold weekly tips 14 to 18 April 2014
Gold daily chart technical analysis
Mcx gold future on last trading session closed at 28,756 with loss. On daily chart, gold price trend is down but momentum is bullish and recovery has been seen from lows. Gold is now trading below 1 month and 3-month average but with rounding bottom.
For next week, gold support zones are 28,400 and 27,800 while on upside expect resistances at 28,900 which is 1 month average and then 29,350 which is 3 month average level. On indicators, RSI is at 44 and heading towards 50 for breakout while CCI is -80 and off the lows.
Traders here above 28,400 keep long view for target 28,900 and above in next week.
Gold weekly chart technical analysis
Mcx gold future this week closed with 1.14% gains. This week gold has hit high at 28,844 while low been at 28,221. Total 600 rupee or 2% weekly swing and closed with gain. On weekly chart, gold is trading at its2 year’s average level with recovery pattern.
From medium to long-term view, 28,500 that is 2 years average level and below it 27,000 are strong support zones. On upside 29,200 and 30,800 are strong resistances. 29,200 is 6 and 12 month average zone for gold future.
Investors above 28,500 keep long view for gold and stay long for target 29,200 and above in upcoming weeks.