mcx gold weekly forecast report
mcx gold daily chart analysis
mcx gold feb expiry future on last trading session closed at 30757 with loss.on chart mcx gold future trading below all short term average reflecting its downtrend.
on chart mcx gold weekly average is 30850 then monthly average at 30900 and in last 3 month average is 31100.all these level are now strong resistances.this week we seen highs near 31100 but gold given sharp reversal from resistance on account of selling.
on indicators side,mcx gold daily cci is –44 with bearish divergence.while mcx gold daily rsi is 44 with bearish divergence.so momentum is clearly on bearish side from short term point of view.
only rupee factors can support domestic gold prices if rupee continues to tumble down and comex gold shows some gains or remain flat then only reversal is possible.technically mcx gold is bearish and below 31100 traders maintain sell on rise strategy for targets of 30500 to 30200 in next week.
mcx gold weekly chart analysis
mcx gold feb expiry future this week closed with loss of 0.5%.on chart gold future still holding major supports as closed just above 6 month average.
mcx gold 6 month average is 30700 then 12 month average comes at 29900.this will be medium term target if gold slips below 30700.in last 27800 is mcx gold prices 2 years average and last support of this bull market.
on indicators,mcx gold weekly cci is –69 and with bearish divergence.while mcx gold weekly rsi is 54 and near support.
if rupee shows sharp downside moves then we may see sharp reversal from here.currently medium term outlook still bullish but if slips below 30700 then must book from long positions.
mcx gold weekly outlook for 14 to 18 january 2013
short term traders below 31100 maintain short view for targets of 30500 to 30200.buying suggested above 31100 only for targets of 31400 to 31850.
medium term 30700 is support on weekly closing basis if slips below it then 29900 will be next support and downside target also.
rupee weakness is only supporting factor for domestic gold prices.