Mcx gold weekly-achieved 30950 on upside and 29200 on downside

Mcx gold weekly technical forecast for 14 to 18 November 2016 Mcx gold weekly technical forecast for 14 to 18 November 2016 Mcx gold future this week closed with heavy loss. Gold prices in this week given highest volatile moves on US election results as well as on 500-1000 rupee notes ban. Rupee is very weak but gold still at bottom suggesting bearishness of the market.   Mcx gold future after breakout above 30150, achieved my target of 30950 and headed towards next target of 31900 with high of 31376. On correction side, mcx gold hit target of 30150 and then 29200 with low of 29250 in this week. Most of the mcx bullion traders might hit with this volatility and ended up with huge losses.   For next week, mcx gold outlook remain bearish and sell on rise. Mcx gold below 30150 remain weak and targets are 29200 and below 29200 gold next downside target will be 28350. Below 28350, gold become super bearish and see panic selling for targets 27400 and 26500.   Mcx gold medium to long term view, below 29750 remain sell and heading for long term targets of 27400 and 25900.

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Pramod Baviskar

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