Gold future technical analysis for 26 to 30 November 2018.
Gold future daily chart technical analysis
Gold future on Friday closed at 30495 with loss. On daily chart Gold future price trend and momentum both are bearish. Gold future on chart now trading below all short term averages and heading lower towards my target of 29800.
Gold daily chart stochastics is oversold & turned bearish freshly suggesting big downside for gold prices. Gold daily chart MACD is below zero with bearish divergence suggesting downside for prices in next week.
For month of November, Gold future below 31550 will remain sell on rise and on downside technical target zones will be around 30750 and then 29800. Gold future hit 30750 target and now fresh breakdown below it suggesting prices headed for 29800 target zone.
Gold future weekly chart technical analysis
Gold future on weekly chart showing loss for this week. This was the fifth losing week for Gold prices and in these 5 weeks Gold future corrected from 32280 to 30400 means 1800 rupees strong correction on profit booking.
On weekly chart, Gold future is trading now around major average and if slips below it then expect deep downside from here.
From medium to long term view, Gold future above 28900 remain buy and accumulate and on upside targets were 30500 and then 32100. Gold future already done both the targets and now correction is heading towards 30500 and 28900 support zones. This wee gold done 30500 corrective target now watch for next weekly breakdown and target of 28900 on downside with long term view. Weekly chart stochastics is came down from overbought zone with sell signal suggesting sell on rise trading strategy. Weekly chart MACD is near zero but with bearish divergences.
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