MTECHTIPS MCX GOLD INTRADAY trading analysis 16-06-2016
DAILY:- Mcx gold future closed at 30569 with gain. As expected gold above 30200 sustaining and heading for my target 31400+.
WEEKLY :- MCX gold future this week closed with gain. This was second weekly gain for gold and in these 2 weeks period gold prices rallied by almost 2000 rupees from lows. This shows how major hand still accumulating in gold as markets are near their peak. For next week, mcx gold outlook is bullish and strategy is buy on dips. Mcx gold almost achieved my first target of 30200 and now next target will be 31400 if sustain above 30200. On downside 29350 and 29200 are major support zones as well as fresh buying levels. Commodity traders can buy go fresh buying in gold above 30200 on breakout with stop loss below 30k and for targets 31k to 31400. Failure might result in correction up to 29300.