mcx gold future monthly technical analysis april 2016

mcx gold future monthly technical analysis april 2016 Mcx gold in month of March closed with loss. This was second monthly loss for gold prices after making top of 30161.   For April 2016, below 29150, mcx gold will remain technically bearish. On downside 28150 and then 27550 are support zones as well as target zones in current market conditions.   But I have contra view as rupee bounce as well comex gold short covering back might take gold prices to 29150 and above.   Above 29150, gold will turn bullish and enter in bull zone with price targets 29700 and then 30750.   In last month view, my target was 30800 and gold made swing high of 30161 from low of 28872!!

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Pramod Baviskar

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