mcx gold weekly forecast report
mcx gold daily chart analysis
mcx gold future on last trading session closed at 30697 with gains.mcx gold future on daily chart is in downtrend while momentum is showing bounce back signs.
on chart mcx gold weekly average is 31800 while monthly average is 31000 and in last 31300 is 3 month average level.currently prices are below all there average reflecting downtrend.
while mcx gold daily indicators,now off the lows.mcx gold daily cci is –106 and showing signs of recovery.while mcx gold daily rsi is 42 and off the low.
gold prices hit lows near 30400 but now showing resilience and upcoming time fall in rupee may trigger premium buying and rise in prices.
long traders or fresh buyers can add longs here with stoploss below 30400 and expect 31000 and then 31300 as target levels in short time,this is contra call and has high risk.
mcx gold weekly chart analysis
mcx gold future this week closed with losses nearly 1%.this was 3rd losing week for gold prices.
on chart we can see that gold now closed below 6 month average level which is bad sign for investors.if next week closed below this 30900 level then expect correction may take gold upto 29800 which is 12 month average.
below that last support of gold bull market is 27500.
on indicators side,mcx gold weekly cci level is –55 with bearish divergence.while mcx gold weekly rsi is 54 with bearish divergence.
below 30400 next bottom support will be 28800 which was aug 2012 low point.
mcx gold weekly outlook for 31 dec to 4 jan 2013
short term traders can take contra long positions with stoploss below 30400 and expect 31000 to 31300 in short time.if slips below 30400 then resume long term correction and heads towards 12 month and 24 month support levels.
medium to long term investors must exit from longs and hold shorts with trailing stoploss of 30900 target of 29800 and below.fresh shorts positions with medium term view is suggested in between 31000 to 31300 with weekly closing basis stoploss above 31600 and expect 29800 and then 27500.
for gold rupee is only support factor if that continues it uptrend then domestic gold prices weakness will deepens with time.