mcx gold price forecast for 6 to 10 may 2013


mcx gold price daily chart forecast

mcx gold future last closed at 26952 with gains.on daily chart mcx gold future trend is down while momentum is on recovery or technical bounce back rally side.on chart 26800 is weekly average and first support on downside below that 26500 and 25800 are previous bottoms support zones.on upside 27200 is month average and 28300 is 3 month average.and both these levels are strong resistances from short term view.on indicators mcx gold daily cci is + and with bullish divergence.mcx gold daily rsi is +41 and recovering from oversold zone.

mcx gold price weekly chart forecast

mcx gold future this week closed with loss of almost 1%.this week mcx gold future made high at 27300+ while low was near 26300 so total 1000 points volatility which is almost 4% volatility for gold prices in this week.

on weekly chart mcx gold future trend and momentum strong bearish.on upside 28k is 2 years average and major resistance on weekly closing basis.above that 29500 is 6 and 12 month average levels and second major resistance from long term view.on downside 26 and 25500 are small fragile supports on charts.on indicators mcx gold weekly cci is –188 and still in oversold state while mcx gold weekly rsi is at 37 and with bearish divergence?

mcx gold price forecast for 6 to 10 may 2013

for next week,watch 27200 on closing basis if closed above that then expect sharp 1000-1200 points gains in mcx gold future.but below that it remain as sell on rise and on downside 26500-25800-25500 are multiple target zones.

from medium to long term view,short sellers must keep 28k as weekly closing stoploss and expect 23k as first target on downside below that 18k is possible if dollar slips below 50 and comex gold slips below 1000 mark?above 28k on weekly closing basis must exit all shorts and follow wait and watch mode.

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Pramod Baviskar

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