Mcx gold future this week closed with the loss. This was the sixth losing week for this precious metal. Gold future weekly chart price trend and momentum both are bearish. On downside, 24600 and 24000 are support as well as target zones for next week. On the upside, this week high of 25400 and then 25725 will remain as strong resistances.
Weak rupee might arrest some downside but panic selling, as well as margin calls, might help gold to achieve its 24400-24000 target.
Mcx gold weekly trend channel chart also suggesting price target at 24180. While monthly trend channel chart suggesting target at 23500.