mcx gold future technical analysis for week 29 feb to 4 march 2016
Mcx gold future this week closed with loss. This was first week loss for this precious metal after last 7 weeks continues Bull Run. This week gold future given 1100-1200 rupee swing and closed in red. Weekly chart price trend and momentum both are strong bullish but indicators are overbought. For next week, mcx gold future support zones as well as stop loss levels are 29300 and 28800. On upside 30100 and 30500 are resistances as well as target zones. Traders above 29300 keep long view for gold prices and expect 30100 and 30500 levels. If breaks down below 29300 and sustain then expect 28800 and 28200 as target zones. Mcx gold future achieved my 2016 target of 29700 and above it now next target levels will be 31100-33500. Above 29700 gold prices will enter long term bull zone. forby sms visit our section.