MCX Gold daily chart technical analysis
MCX Gold on last trading session closed with loss and below its 3-month average level. On daily chart, gold future price trend and momentum both are bearish. Prices are trading below short term averages with bearish divergences on chart.
For next week, mcx gold future has strong resistances at 29,800 and then 30,050 while on downside, 29,400 and 29,000 are supports. RSI is at 48 and CCI is at 24 both with bearish divergence.
Traders below 29,800 keep short view on gold future and expect downside targets of 29,400 and then 29,000. Any daily closing above 29,800 will be reversal buy signal.
MCX Gold weekly chart technical analysis
MCX Gold this week tumbled by almost 3 %. On weekly chart gold price trend and momentum is still bullish but as comex gold sees profit booking, domestic prices also follow it with same losses. This week gold future hit high 30,566 while low was at 29,696. 850 rupees or 2% plus weekly swing and gold had given negative closing on sharp profit booking.
From medium to long-term view, gold future support zones are 29,500, which is its 12-month average, and 28,500, which is its 2 years average level. On upside 31,000 and 33,000 are strong resistances as well as previous tops. Weekly chart RSI is at 51 and near support while CCI is at 25 with bearish signal.
Investors above 28,500 keep buy on dips view for targets 31,000 and then 33,000.