mcx gold weekly report for 17 to 21 March 2014

mcx gold weekly report, forecast, predictions,  price analysis, technical analysis,charts and tips for 17 to 21 March 2014. 

mcx gold daily chart technical analysis

MCX gold future on last trading session closed at 30452 with gain. On daily chart, gold price trend and momentum both are bullish. Gold is trading above short term averages with bullish divergences on chart. For next week, 30,400-30,100 and 29,800 are support zones. These are weekly, 1month and 3 month average levels respectively. On upside 30,800 and 31,200 are short-term resistances as well as target zones for gold future. Traders above 29,800-keep buy on dips trading view and keep targets at 30,800 and then 31,200.

mcx gold weekly chart technical analysis

MCX gold future this week closed with gains of 1.54%. This week gold future hit low at 29,956 while high was 30,737. Total 800-rupee price range or 2.5% volatility and closed with gains. Weekly chart price trend and momentum is bullish and suggesting higher targets in upcoming weeks.

On downside 29,500 is 6 and 12 month average zone and below that 28,700 is 2 years average level. Both will be medium to long view support zones. On upside 30,800 and 32,000 are strong resistances and targets for upcoming weeks to months.

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Pramod Baviskar

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