mcx gold weekly report for 19 to 23 sep 2016

MCX.GOLD - OHLC Six Months_1w 2016-09-17 172511 Mcx gold future this week closed at 30802 with loss. This week mcx gold prices hit high around 31206 while low was at 30792. Total 400 plus rupees or 1% plus weekly move and negative closing. After last week’s short covering prices resumed corrective trend.   On weekly chart, this week move if fresh breakdown below major weekly averages. 30920 is 13 weeks average level and 31050 is 6 weeks average level. Price is trading below them with bearish price pattern. Weekly chart indicators as well as oscillators are bearish and continues sell signal given at 31900.   Mcx gold below 31150 remain sell and heading towards targets of 30320. Below 30320 next major support as well as medium term target will be 29850. Bullion traders on mcx gold keep sell on rise view and expect next week targets at 30600 and then 30320. Watch 30320 level closely if gives another breakdown below it means downside deep target of 29850 is for sure.   For mcx commodity tips on whatsapp with real time support and follow ups visit our subscription section.

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Pramod Baviskar

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