MTECHTIPS MCX GOLD WEEKLY trading analysis 25-05-2015
Mcx gold future last closed at 27082 with loss. on daily chart, gold price trend is up but momentum is getting weaker on profit booking. gold closed at 1 month average and still trading above 3 month average. on upside 27500 and 27700 are strong resistances. daily chart macd indicators is near zero with corrective divergence and rsi slip below 50 with bearish divergence. cci at 2 with bearish divergence.this week, gold future closed with loss. this week gold hit high at 27700 while low was at 27050. total 650 or almost 2% drop from the top. gold price weekly chart price trend is bullish but momentum is looking weak as not sustained near major historic resistances. 26800 is major averages support on weekly chart and above it expect bull trend to remain intact.for next week, mcx gold might test 26700-26800 support zone. for short sellers 27300 is trailing stop loss for downside targets. if gives reversal from 26750 then it will be buying opportunity for targets 27250 and then 27800. closing below 26750 means start of short term downtrend for price targets 26200 and then 25700.
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