Mcx gold future weekly technical analysis report for 12 June to 16 June 2017
Mcx gold future this week closed at 29009 with loss.After last 3 week’s sharp short covering as well as value buying rally gold seen some profit booking near 29600 and closed in red after smart gains. This week mcx gold future hit high near 29600 while low was at 28900.
Mcx gold future hit my given buy target of 29300 and then almost hit next target of 29650 with high of 29585.
Now On daily chart, mcx gold price trend and momentum both now looking weak and prices heading towards support of 28600 zone. Above 28600 outlook remain bullish and on reversal signal gold will remain buy for upside targets. Breakdown below means sell signal and sell targets of 28150 and below.
From long term view, mcx gold future given strong reversal above 28300 and now remain buy and accumulate for tgt 31500+.