mcx gold weekly technical analysis 16 to 20 may 2016

mcx gold weekly technical analysis 16 to 20 may 2016 Mcx gold future this week closed with loss at 30055. On weekly chart, gold price trend is bullish but prices are in overbought state.   For next week, mcx gold future above 29650 will remain buy and accumulate. My upside tgts are 31k and then 31700. Global risk off trades and weak rupee might push domestic gold prices to record highs.   Gold future below 29650 support will give sharp breakdown rally up to 29k to 27600 rupee levels. So traders must take long or short call on levels.

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Pramod Baviskar

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