Gold future daily chart technical analysis
Gold future on Friday closed at 31535 with 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 and then we saw high of 32118.
We saw strong recovery from 30100 low and gold prices hit 30700 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, although we saw high of 32118 in this week. Weak rupee and risk off trades might put gold into focus and gold might show super bullish levels of 33200 to 34400 on fresh buying as well as short coverings.
Gold future weekly chart technical analysis
Gold future on weekly chart showing loss for this week. This was the first losing week for Gold prices after last week’s big gains. This week we saw some profit booking from the top. On weekly chart also gold prices are trading above all short term averages with bullish signals on indicators and oscillators.
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 this suggesting gold is ready for next big move. Above 32k level, gold turn super bullish for long terms and will head for my 33600 and then possibly 35000 target zones.
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