MTECHTIPS MCX GOLD INTRADAY trading analysis 22-06-2016
DAILY:- Mcx gold future closed with loss at 30250. Here 30200 is major support and below it expect deep downside for gold prices.
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.