mcx gold future forecast for 13 to 17 may 2013

mcx gold future daily chart technical outlook

mcx gold future on daily chart showing last closed at 26999 with gains.on daily chart mcx gold trading above weekly average of 26900 but still trading below month average of 27100 and 3 month average 28k.both are strong resistances.mcx gold month cci level is +51 and with bullish divergence while mcx gold month rsi is 44 and heading towards 50 for breakout.below weekly average next major supports are 26500 and 25900 from short term views.

 

mcx gold future weekly chart technical outlook

mcx gold future in this week closed flat.this week mcx gold future made high at 27234 while low was 26586.total 600+ points week volatility and recovery moves by gold prices.

on weekly chart still trading below 28k which is 2 years average level while above that 29300 is 6 month average and 29400 is 12 month average and all these are strong supply zones on chart.on downside 26k and 25400 are support levels.

mcx gold 24 months cci level is –164 and off the lows while 24 month rsi is at 39 and off the lows.

mcx gold future forecast for 13 to 17 may 2013

for next week,below 27100 may remain under pressure and shows 26500 to 25900 levels on downside.but if close above 27100 then must stay long long side for technical bounce back rally which has target at 28k.weekly closing above 28k will change short term trend to bull side.

from medium to long term view,below 28 remain avoid for investment or stay short and hold shorts.on downside we still expect 23k as target level.if close above 28k and hold it for 2 weeks then only take investment view here.

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Pramod Baviskar

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