Mcx gold weekly-expect correction up to 30150 and below

Mcx gold weekly-expect correction up to 30150 and below Mcx gold weekly technical analysis 7 to 11 November 2016 Mcx gold future this week closed at 30550. This was third week of gains for gold prices and in these 3 weeks we saw rally from 29600 to 30600+. Mcx gold future price trend and momentum both are bullish but overbought.   Mcx gold future above 30150 remain bullish and buy but prices are in overbought zones. On upside 30950 and then 31900 are resistances as well as target zones if gold prices breakout above 30650. On downside 30150 is major support and below it expect downtrend and downside target of 29200 for gold prices.   Positional bullion traders below with stop loss above 30650 keep short view and expect 30150 and then 29200 as target zones for gold future in next week. From long term view, mcx gold is correcting and expect 29750 and below it 27400 will be next support as well as long term target zone.

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Pramod Baviskar

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