mcx gold forecast for 24 to 28 june 2013

mcx gold forecast for 24 to 28 june 2013

 

mcx gold daily chart technical analysis

mcx gold future on last trading session closed at 26943 with gains.on daily chart mcx gold future is in downtrend and momentum also very bearish on lower volume and selling pressure.

on upside,27500 is 3 month and week average of gold and remain major resistance.while 27450 is month average and also act as supply zone.on downside 26800-25800 and then 25400 are support zones on daily chart which are previous bottoms also.

on daily chart,mcx gold rsi is 46 with sell signal and trending lower with bearish divergence while cci is –84 and with bearish divergence.

 

mcx gold weekly chart technical analysis

mcx gold future this week tumbled by 3.36% on sharp selling from funds and market makers.this week mcx gold future high was 28119 while low was 26706.total 1400 rupee high volatility in week which is almost 5% and closed near lows.

on weekly chart given reversal from 2 years average which is very bearish sign.on upside 27900 remain major hurdle and below it traders and investors keep sell on rise strategy here.on downside 25500 will be first target and 23k is second one in longer terms.on domestic front rupee volatility will make trading difficult.

on weekly chart mcx gold rsi is at 42 with bearish divergence and still holding long term sell signal.while cci is –70 and heading towards –200.

mcx gold forecast for 24 to 28 june 2013

for next week,mcx gold below 27500 remain sell on rise while lo downside 26800 was first target which is already achieved below that 25900 and then 25400 remain as target zones.volatility remain high on comex gold move + rupee volatility.

from medium to long term view traders below 28k hold bearish view and keep targets at 25,400 and then 23k.28k was opportunity for fresh short which is minting profit now!!if rbi and govt twist rupee then fall will exaggerate upto 18k in very long term view!!

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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.
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