Mcx gold weekly-reversal rally hit tgts 28350 and 28950

Mcx gold future weekly technical analysis report for 22 to 26 may 2017

Mcx gold future weekly technical analysis report for 22 to 26 may 2017

Mcx gold future this week closed at 28644 with almost 1100 rupee recovery rally. After last 4 weeks continues fall we saw strong short covering in gold prices on account of news from US. Now On daily chart, mcx gold price trend and momentum both are bullish and in coming time expect weak rupee and global risk factor to push prices to higher levels.   Mcx gold future on reversal hit my given target of 28350 and then 28950. On chart now 28450 and 28170 are support zone and above 28450 gold future remain buy for short terms with price targets 28750 and 29020.   While weekly closing above 29k means strong bullish trend and swing targets up to 29450 and 30050. From long term view, mcx gold future given strong reversal above 28300 and now remain buy and accumulate for tgt 31500+.

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Pramod Baviskar

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