mcx gold future technical analysis report for march 2016
Mcx gold future is trading with losses in month of March. After last 2 months Bull Run from 24800 to 30100. Prices are now cooling down on profit booking as well as on recovering rupee. In last 2 month period gold rose by almost 5500 rupee or by almost 21%. Weak rupee as well as risk off buying in comex gold was major factors. On daily chart, gold price retracing towards averages. On downside 28650 is 1 month average and 27300 is 3 month average level. On upside 29500 and 30100 are resistance zones. For month of March 2016, 28740 is major pivot levels and price are trending toward it. Below it gold will enter bearish zone and start lower tops and bottom cycle. Below 28740 expect support as well as target zones at 27400 and 26000. Above 28740,will remain buy or bullish. Upside resistances as well as target zones are 30800 and 32200. Daily and weekly chart price as well as indicators pattern suggesting downside for gold prices in short to medium terms but watch global risk factors as well as support zones for reversal move. High volatility will remain concern for traders.