Mcx gold 2017- above 28200 target will be 31400-35600

Mcx gold 2017 yearly technical analysis

Mcx gold 2017 yearly technical analysis

Mcx gold future this week closed at 28398 with gain. This was third positive week for gold prices and in these 3 weeks mcx gold future rallied from low of 26900 to high of 28500+. Total 1600 rupees or 6% gains in short terms.   Mcx gold future for 2017, remain bullish and buy above 28200 support level. Above 28200, gold long term outlook is bullish and my 2017 targets will be 31400 and then 35600. On weekly chart mcx gold price patterns are bullish and indicators are oversold and forming bottom.   If mcx gold slips below 28200 on weekly closing on strong price actions and with volume then expect trend reversal and fresh downtrend start in 2017 for this precious metal. Below 28200, mcx gold will become sell and technical support zones as well as long term targets will be 24000 and below it 21000 will be next support and bearish target zone.   In my view, mcx gold might continue primary downtrend after this bounce back is over and might set fresh low in 2017. Because dollar index looking very strong for 2017 and rally in US market will be double whammy for gold prices in longer terms.

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