Mcx gold future this week closed at 29605 with loss. This was second losing week for gold future after last 5 weeks strong gains. This week mcx gold hit high at 29820 while low was at 29443 total almost 400 rupee weekly range and negative closing on profit booking. In last 2 weeks prices tumbled from 30200 high to 29443 low.
Mcx gold weekly chart, price trend still bullish but momentum is losing out on profit booking and prices are now trading below 5 weeks average level of 29660 rupee and heading towards 29100 which is 20 weeks average and below it 28966 is 50 weeks average and long term support zone for gold prices. Mcx gold weekly chart RSI is at 56 with bearish divergence and MACD is at 255 and with topped out pattern.
Mcx gold future hit my given target of 30260 rupee and now retracing back on profit booking and for support testing. On upside my next target is at 30900+ and expect that level as soon as gold gives reversal signal here and breakout above 30250. On downside 29280 is major support and above it short term outlook will remain bullish and buy on dips for targets 30250 and then possibly 30900.
From long term view, mcx gold future opened bullish for 2017 but facing continues resistance around 29500 level. We saw 3 times sell off around this level. Now prices are above 29500 for big upside targets of 31450 and 35660.
Above 28300, mcx gold future will remain buy and accumulate for big upside targets in long terms.
In 2017, gold future had given four positive closings while 3 were negative closing reflecting overall bullish outlook of this precious metal In September gold prices opened strong and hit high of 30474 but now profit booking formed negative candle and made fresh low of 29443 which also serve as support zone for candle.