MCX Gold daily chart analysis
MCX gold on last session closed at 28,754 with gain. On daily chart, mcx gold future is in downtrend and consolidating. As new contract opened lower, we are seeing caution in market and prices are range bound. For mcx, gold short-term support zones are 28,500, then 28,000 while on upside 29,200-29,500 is major supply zone of short-term averages, and then 29,800 will be next strong resistance on daily chart. Indicators are in bearish zone but stabilizing suggesting upcoming recovery rally.
For next week, mcx gold future outlook is bullish and above 28,000 levels, traders must follow buy on dips view. As comex, gold prices showing appreciation we may see same reflection domestic prices. 29,800 is possible target on upside.
MCX Gold weekly chart analysis
MCX gold future this week closed with loss as new contract opened lower. On weekly chart mcx, gold future trend is bullish and testing historic averages supports. 28,300 is mcx gold 2 years average level and major support while on upside 29,200 is 12 and 6 month average zone and strong resistance. Weekly chart indicators are with bullish divergences and suggesting upside for upcoming weeks.
Swing traders and investors above 28k keep buy on dips and accumulation strategy for gold. On upside 29,200-30k will be medium term targets. Any weekly closing below 28k may trigger panic selling and lower targets up to 26k to 25k can be expected over time.