MTECHTIPS MCX GOLD WEEKLY trading analysis 12-05-2015
mcx gold future on last trading session closed at 26839 with loss. on daily chart, gold price trend is bullish but momentum is now getting weaker on lack of buying as well as on recovering rupee.on weekly chart, gold future closed with gains. this week high level was at 27054 while low was at 26700. total 350 rupee or 1% plus weekly swing and closed with gain. weekly chart price and indicators patterns are bullish.for next week, above 26700 traders keep buy on dips view for upside target but as daily chart indicators patterns are bearish traders before taking any buying decision must follow wait and watch strategy. on recovering rupee and reversal in equity market expect gold to remain soft and downside levels up to 26200 to 25700 can be expected on sharp profit booking. if gold slips below 26700 then it will be shorting opportunity for target 26200 and then possibly 25700.