mcx gold forecast for 16 to 20 sep 2013

mcxgolddailychartfor16to20sep2013

mcx gold daily chart technical analysis

mcx gold future on last trading session closed at 29571 with loss of 1.58%.on daily chart mcx gold future trend and momentum both bearish and in last trading session given downside breakout.

on daily chart,mcx gold future 3 month average level is 29,900 and immediate resistance on upside.while above that 30600 is week average and 31400 is month average and both remain as strong resistances for next week.on downside 28400-27800 are upcoming support levels of previous tops/bottoms.

mcx gold future daily chart cci level is –162 and with absolute bearish divergence while rsi is at 45 and given sell signal around 31200!!

 

mcx gold weekly chart technical analysis

mcx gold future this week tumbled by almost 8%.on weekly chart this was second negative closing and in these 2 weeks gold prices slashed from 34500 to 29500.means 5000 rupee or 16% drop from top!!

this week mcx gold future made high near 32k while low was near 29500.total 2500 rupee week range and correction continues.

on downside 29k is 6 and 12 month average support while below that 28k is 2 years average and last support on weekly chart.on upside 30400-32200 and 33k are previous tops/bottom resistance zones.

on weekly chart,mcx gold future cci is +92 and formed bearish divergence after touching overbought zone.while rsi is at 51 and near support.

mcx gold forecast for 16 to 20 sep 2013

for next week,below 29900 on closing basis stay short for target 28400 and then 27400.for short term expect lower tops and bottom cycle here.only rupee weakness is factor may change trending in between so keep tight stoploss for all short side positions.

from medium to long term view,as rally was one-sided so that correction is sharp and once sided.hence expect correction may take gold prices to 29k and then 28k in medium term.if close below 28k then again expect long term downtrend and lower tops and bottom cycle.

Read More :

Updated: 15/09/2013 — 9:25 AM

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
COPYRIGHT © 2017. Pramod Baviskar. Dalal street winners advisory and coaching services. FAQ | Disclaimer | Privacy Policy       

This website is best viewed using Microsoft Internet Explorer 9 or higher, and/or latest version of Google Chrome and Mozila Firefox browsers.