MTECHTIPS MCX GOLD INTRADAY trading analysis 31-05-2016
DAILY :- Mcx gold future closed at 28645. Here expect this bounce back rally to extend up to 28800-28900.
WEEKLY :-Mcx gold future this week closed with another heavy loss. This was third weekly loss for gold future. In last 4 weeks period gold almost lost 2000 rupees from price.For next week, gold future outlook remain bearish and sell on rise. On downside weekly chart showing support zones at 28500 and 28100. But monthly chart suggesting lower levels up to 27800 to 27500. On upside mcx gold future resistance zones are 29300 and 29800 rupees. Mcx gold future failed to sustain above 29800 so expect it to test 27300 to 25800 levels in longer terms.