MCX Gold weekly report 5-9 May 2014
MCX Gold daily chart technical analysis
MCX gold on last trading session closed at 28,871 with gain. On daily chart, gold future price trend is down but with last trading session, momentum clearly reversed and turned on recovery side. Gold is still trading below its 3-month average but strong reversal signals on indicators. From short-term view, gold now has support at 28,700, which is week and 1 month average level. Below it, 28,500 and 28300 are strong support zones. On upside 29,200 is 3 month average and strong supply zone above it next resistance will be at 29,500.
Daily chart indicators patterns are clearly showing reversal of bearish trend.
Traders above 29,300 keep buy and accumulate view and watch for breakout above 29,200.
MCX Gold weekly chart technical analysis
MCX gold this week closed with loss. This week gold hi high at 29,020 while low was at 28,420. Total 600-rupee range and closed with flat loss on last sessions sharp short covering as well ass fresh buying. Once gain gold respecting its 2 years average level, which is showing underlying resilience of market towards gold so expect another short covering ahead may be with panic. Weekly chart indicators pattern are building base for next move.
Investors above 28,400 keep buy and accumulate view for mcx gold and expect targets of 29,800 to 30,000 in medium terms.