Gold future technical analysis for 19 to 23 November 2018.
Gold future daily chart technical analysis
Gold future on Friday closed at 31007 with gain. On daily chart Gold future price trend and momentum both are bearish.
Gold future on chart bounce backed from 100 & 5 days averages and touched 50days average this week. Mcx gold future on downside has support around 3900 which is 5 and 100 days average zone. On upside 31170 is 50 days average and strong hurdle.
Gold daily chart stochastics is oversold & now bullish suggesting bounce back towards 31550. Gold daily chart MACD is below zero with bearish divergence but formed temporary bottom.
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 taken support around those levels and bouncing back. If slips below 30750 then expect next major support as well as bearish target around 29800. On upside 31300 to 31550 will remain strong supply zone.
Gold future weekly chart technical analysis
Gold future on weekly chart showing loss for this week. This was the fourth losing week for Gold prices and in these 4 weeks Gold future corrected from 32280 to 30600 means 1650 points strong correction on profit booking.
On weekly chart, Gold future is trading now below 5 weeks averages of 31300 and heading towards 20 & 50 weeks average level of 30900 & 30500. On chart look like Gold topped out around 32200 and now retracing back towards support zones.
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. 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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