Mcx gold future opened strong for month of September way above major support of 29280 rupees. Above this level every dip will remain buying opportunity with stop loss for upside targets. We saw last trading session closing at 29822 with gain.
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 suggesting strong rally ahead. On downside 29640 is 5 days average level, below it 29215 is 20 days average level and 28880 is 50 days strong last support zone for this uptrend. Daily chart RSI level is 72 and heading higher in overbought zone. MACD is at 300 with bullish divergence.
For month of September, mcx gold future above 29280 will remain bullish and buy and accumulate for targets 30250 and then 30900.
Mcx gold weekly chart price trend and momentum both are strong bullish. This was forth gaining week for gold prices and in last 4 weeks we saw rally from low of 28300 to high of 29937 so total 1600 rupee gains for gold in 1 month period. 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 29250, below that 28850 is 20 and 50 weeks average levels and major support for this long term bullish trend. Weekly chart RSI is at 61 with bullish divergence and buy signal was given at 28300 level. MACD is at 98 with bullish crossover and has given buy signal at 28300 level.
From long term view, mcx gold future opened bullish for 2017 but facing continues resistance around 29500 level. We saw 3 times sell off around this level. Now prices are heading for breakout above 29500 for big upside targets. On downside 28200 is long term support zone and above it outlook is bullish and my upside investment targets are 31400 and then 35600. Now trading above 29500 and heading for my long term investment targets of 31400 and then possibly achieved 35600.
In 2017, gold future had given five positive closings while 2 were negative closing reflecting overall bullish outlook of this precious metal. And in august we saw 1600 rupee rally and big bull candle and September also opened strong and continuing with bullish candle. From July low to august high we saw 2300 rupee gains in gold prices.