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Mtechtips MCX GOLD intraday
trading analysis 03-06-2013
Mcx gold
future on last trading session closed at 26811 with loss.on daily chart mcx
gold future trend is down and momentum also now losing to seller after bounce
back rally. on daily chart,mcx gold future still trading below 3 month average
of 27500 while on downside 26800 is week average and 26600 is month average and
both are supports for now. gold future this week closed with 1.53% gains.in
this week mcx gold future made high at 27308 while low was 26202.total 1100
rupee week range and closed with gains showing recovery on weekly chart. on
weekly chart mcx gold future still in bear market but on account of weaker
rupee we seen premium pricing and bounce back rallies.on upside 28k remain
strong resistance on weekly closing basis.above that 28800 is 6 month average and
29k is 12 month average.on downside 26k and 25,500 are support levels. or next
week,below 27500 traders keep sell on rise view.volatility remain high on
global news flow as well as rupee weakness.as support are narrowly placed short
new 27500 only with stoploss and expect 26800-26600 as downside target.if close
above 27500 and hold for one session then short term view will change on bull
side.
from
medium to long term view,mcx gold future outlook remain negative and below 28k
levels on weekly closing basis keep selling and profit booking view.on downside
we may see sudden collapse on news flow and may crack down to 23k and then 18k
levels eventfully.buying suggested above 28k on sustainable basis.
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