Mcx gold monthly-recovering towards 27630 and 28400
Mcx gold future this week closed at 27452 with loss. Mcx gold future after last week’s bounce back seen some profit booking but we saw high up to 27640 in this week. Mcx gold future price trend is down but recovery phase is on and we saw strong recovery from lows of 26900 to high up to 27650. For month of January, 27630 is major resistance for gold future. Below it outlook and trend will continues bearish. On downside 26750 and then 26000 are support as well as target zones if gold prices fails to cross 27630. But mcxprice pattern as well as indicators are suggesting upside for prices and hopefully breakout above 27630 for targets 28400 and then 29300. chart, looking oversold and bouncing back. This fresh recovery phase might last up to 28250 in longer term view.