Mcx gold weekly-achieved 28300 sell target heading for 27800

Mcx gold future weekly technical analysis report for 15 to 19 may 2017

Mcx gold future weekly technical analysis report for 15 to 19 may 2017

Mcx gold future this week closed at 28015 with another loss. In last 4 weeks gold prices lost 1500 rupee from its value. On daily chart, mcx gold price trend and momentum both are bearish and strong rupee also pushing bullion commodity prices to ground.   Mcx gold future already my given bearish swing target of 28300 and now heading for 27800 zone which will be my next bearish target. We already saw low near 27900 in this week. On upside 28100 and 28300 are strong resistance zones as well as fresh short entry zones for short sellers. Closing below 27800 means super bearish trend and panic selling targets up to 27200 to 26700.   From long term view, mcx gold future broke down below major support of 28300 and entered bearish zone and might head lower towards 24k levels in 2017.

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Pramod Baviskar

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