MTECHTIPS MCX GOLD INTRADAY trading analysis 04-07-2016
MTECHTIPS Mcx gold future last closed at 31475 with gain. This was fifth weekly gains for this precious metal. Gold prices rallied on Friday, closing just below a 27-month peak, amid fading expectations of a Federal Reserve rate hike in the next couple of months. Mcx gold daily chart price trend and momentum both are bullish. Gold moved on upside after testing 5 days average of 31250. Which is buy signal for short term traders. Below 31250 next major support will be 30650. Gold for August delivery on the Comex division of the New York Mercantile Exchange jumped $18.40, or 1.39%, to settle at $1,339.00 a troy ounce by close.
Mcx gold weekly chart showing flat closing for week but trend and momentum still bullish. Gold on weekly chart trading way above major averages suggesting underlying demand as well as risk environment in world. Weekly chart major averages support are 30750 and then 29500. Mcx gold in month of June 2016, achieved my given targets 30200 and then 31400. Rally looking stronger and upcoming risk factors will add fuel to this rally so expect big upside for gold in upcoming weeks.