Gold future daily chart technical analysis
Gold future on Friday closed at 31193 with loss. On daily chart Gold future price trend is bullish but momentum is losing out due to stronger rupee and profit booking. On upside we saw gold hit 31400 and then 32118 high but now with stronger rupee we seeing price deprecation. On char below 31400 gold future will continue to correct towards 30700 support zone. If sustain above 31400 then expect 32500 level for sure and below it expect 30700 on correction continuation. Below 30700, gold will enter downtrend.
Gold future weekly chart technical analysis
Gold future on weekly chart showing loss for this week. This was the second losing week for Gold prices due to stronger rupee and profit booking. This week we saw 650 rupee range and negative closing. Here 30500 is major long term support and gold prices inching towards them.
If gold prices give weekly closing above 32k level, then gold turn super bullish for long terms and will head for my 33600 and then possibly 35000 target zones.
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