Gold future daily chart technical analysis
Gold future on Friday closed at 31595 with huge gain. On daily chart Gold future price trend and momentum both are now strong bullish. Gold future on chart now trading above all short term averages and hit 31400 TGT this week with high around 32000.
We saw strong recovery from 30100 low and gold prices hit 30750 major hurdle and above it given bullish breakout and hit December first bullish swing target of 31400 and now heading for next target level of 32500. Above 31400 keep buy on dips view with strict stoploss for target 32500 and above.
Gold future weekly chart technical analysis
Gold future on weekly chart showing big gains for this week. This was the first huge gaining week for Gold prices after last 6 weeks continues selling and profit booking. This week we saw rally from low of 30400 to highs of 32021. Total 1600 rupees rally and strong positive closing.
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. In previous week we saw gold done 30500 corrective target now taken support just below it and hit 32k level again. Above 32k level, gold turn super bullish for long terms and will head for 3300 to 35000 target zones.
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