Mcx gold future is trading at 29934 at day high with almost 1.5% gains for the day. On account of weak rupee and US KOREA tension we saw gold hit my given super bullish target of 29900 and now above it next target will be around 30200+. Gold is inching higher on strong volumes with big price action and in short term expect sharp spikes on account of short covering from trapped traders and investors. Because most of them were short in gold and long on markets.
Mcx gold daily chart price trend and momentum is bullish. On daily chart, mcx gold future is trading way above all short term averages with bullish price pattern and entered super bullish trend rally. On downside 29270 is 5 days average level, below it 28980 is 20 days average level and 28700 is 50 days strong support zone. And this week we saw freak downside move and testing of support 28740. Daily chart RSI level is 68 and heading higher after deep in this week. MACD is at 227 with fresh long rally signal.
Mcx gold future opened strong for august and small correction tested support of 28250 with low of 28300. Then short covering rally triggered on global news flow which achieved august bullish targets of 28900 and 29250. This week we saw high above 29250 and flash crash low of 28777 but prices were holding near highs which is bullish sign and was preparing for super bullish run and we saw 29900 today and now 30200 only remain target for this month for me.
Mcx gold weekly chart price trend and momentum both are now bullish. Prices are now trading above all major medium term weekly averages and suggesting fresh rally in medium to longer terms for my upside given targets. On weekly chart, mcx gold 5 weeks average level is at 29140, below that 28850 is 20 and 50 weeks average levels and strong long term support zone. Weekly chart RSI is at 58 with bullish divergence and buy signal. MACD is at 72 with bullish crossover and with long term buy signal triggered at 28300 rupee level.