Mcx gold future this week closed at 29580 with loss. This was first losing week for gold future after week’s high volatility. This week mcx gold hit high at 29705 while low was at 29312 total almost 400 rupee weekly range and negative closing on fresh selling.
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 29650 rupee and heading towards 29200 which is 20 weeks average and below it 29000 is 50 weeks average and long term support zone for gold prices. Mcx gold weekly chart RSI is at 55 with bearish divergence and MACD is at 257 and with topped out pattern.
Mcx gold future in October opened weak below 29850 rupee level and heading towards bearish targets of 29200 and 28800 rupees. And this week we saw low of 29312! Below 29850, mcx gold will remain weak and sell on rise. If gives reversal and breakout above 29850 then expect upside targets of 30200 and then 30850.