Mcx gold future today opened strong gap with almost 1% gains and hit high of 30267 and achieved my September bullish swing target of 30250 and now above 30250, next major resistance as well as target zone will be around 30900 and expect this target for gold prices if sustain above 30250. Now trading at 30110 and came off the high on profit booking.
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 is in strong short term Bull Run on risk off trades worldwide. On downside 29800 is 5 days average level, below it 29300 is 20 days average level and 28930 is 50 days strong last support zone for this uptrend. Daily chart RSI level is 76 and heading higher in overbought zone. MACD is at 333 with bullish divergence.
Now For month of September, mcx gold future above 30250 will remain bullish and buy and accumulate for next swing target of 30900.
Mcx gold weekly chart price trend and momentum both are strong bullish. This will be fifth gaining week for gold prices if closes in green and in last 5 weeks we saw rally from low of 28300 to high of 30267 so total 2000 rupee gains for gold in 1 month plus 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 29525, below that 28900 is 20 and 50 weeks average levels and major support for this long term bullish trend. Weekly chart RSI is at 63 with bullish divergence and buy signal was given at 28300 level. MACD is at 184 with bullish crossover and has given buy signal at 28300 level.
From investment view, mcx gold future prices are heading towards my 2017 first investment target of 31500 and we saw fresh high of 30267 this week.