Mcx gold future this week closed with loss. This was third losing week for gold prices. In these 3 weeks period gold tumbled from 27800 to 25900. Total 1900 rupees or almost 7% loss in very short time. Prices sliding down as they went up on short covering.
On weekly chart, gold is trading below major averages with strong bearish momentum. This week we seen bearish breakdown on price movement as well as volume. Gold weekly chart RSI is below 50 so expect downside in upcoming weeks.
For next week. Mcx gold support zones are 25,500 and then 25k while on upside 26300 and 27000 are strong resistances. Traders below 26300 keep sell on rise view. Rupee volatility and fed meet might trigger high volatility and might show both side swing so trading will not be easy for next 1-2 weeks timeframe.