Mcx gold future this week closed at 29860 with loss. This was first losing week for gold future after last 5 weeks strong gains. This week mcx gold hit high at 30200 while low was at 29765 total almost 450 rupee weekly range and negative closing on profit booking.
We saw some profit booking but trend and momentum still bullish. Prices are still above 5 weeks average level which is at 29680 rupee. Below that 29050 is 20 weeks average and 28950 is 50 weeks average support zone. Weekly chart RSI level is at 59 with correction signal while MACD is at 244 with strong long term buy signal given @28300 level.
Mcx gold future hit my given target of 30260 rupee and now retracing back on profit booking and for support testing. On upside my next target is at 30900+ and expect that level as soon as gold gives reversal signal here and breakout above 30250.
From long term view, mcx gold future opened bullish for 2017 but facing continues resistance around 29500 level. We saw 3 times sell off around this level. Now prices are above 29500 for big upside targets of 31450 and 35660.
In 2017, gold future had given five positive closings while 2 were negative closing reflecting overall bullish outlook of this precious metal. And in august we saw 1600 rupee rally and big bull candle and September also opened strong and continuing with bullish candle. From July low to august high we saw 2300 rupee gains in gold prices. In September gold prices made low at 29688 while high was at 30474 total almost 800 rupee range until now and prices are still trading positive for month of September.