MCX Gold weekly analysis 17-21 February 2014

MCX Gold daily chart technical analysis

MCX Gold future on last trading session closed at 29,375 with gain. On daily chart, mcx gold future trend and momentum both are bullish with breakout in last session. For next week, mcx gold future has support at 29,200 and then 28,800 while on upside expect resistance from market at 29,700 and 30,200. Both these level also be upcoming targets for mcx gold future. Daily chart indicators are bullish and suggesting more upside is still left for prices.

For next week, short-term traders keep long view for mcx gold future. On upside 29,700 and then 30,200 will be targets and stop loss must be below 28,800.

MCX Gold weekly chart technical analysis

MCX Gold future this week closed with over 2% gains. This week mcx gold future made low at 28,825 while high was at 29,425. Total 600 rupee or 2% range and closed with gain.

MCX Gold future on weekly chart after consolidation showing signs of Bull Run. After testing major supporting given closing above all medium to long-term averages with strong buying volume.

On chart, MCX Gold future major supports are now at 29,000 and then 28,500 while on upside expect strong resistance at 29,800 and then 31,000. Weekly chart indicators are mixed but reflecting underlying buying momentum.

Swing traders and investors, above 28,500 keep buy on dips strategy and expect 29,800 and then 31,000 as medium to long-term targets for MCX Gold future.

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Updated: 16/02/2014 — 5:23 PM

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Pramod Baviskar

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