MCX gold forecast 16 to 20 June 2014
MCX gold daily chart technical analysis
Mcx gold on last trading session closed at 26,627 with gain. On daily chart, gold future price trend is down but momentum is clearly on recovery side that why we has seen 800-900 rupees recovery from lows. On daily chart, gold is trading below month and 3-month average but with recovery price pattern and off the lows indicators. On downside gold has support zones at 26,000 and 25,500 while on upside expect resistances at 27,000 which is its 1 month average and 28,000 is its 3 month average. Traders for next above 26k keep buy on dips for next week and expect targets of 27k to 28k.
MCX gold weekly chart technical analysis
Mcx gold future this week closed with gains of 3%. This was first week of gains for gold prices after last 6 weeks continue fall. On weekly chart, gold price trend is down but momentum is building on recovery side as indicators are off the lows. From medium to long-term view, gold has supports around 25,800 and then 25,000 while on upside major averages are in 28,500 to 29,000 ranges. As indicators are off the lows expect bounce back to continue in next week and gold may show higher levels. Weak rupee will add up premium to prices.