Gold future daily chart technical analysis
Gold future on Friday closed at 30240 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 with oversold indicators and heading lower almost each and every day.
For month of December, Gold future below 30750 will remain sell on rise and on downside technical target zones will be around 29600 and then 28900. Gold future is trading in oversold state so keep in mind if reversal comes then expect sharp short covering rallies ahead. Traders can hold gold shorts with trailing stoploss around 30475 and expect targets of 29600 in next weeks.
Gold future weekly chart technical analysis
Gold future on weekly chart showing loss for this week. This was the sixth losing week for Gold prices and in these 6 weeks Gold future corrected from 32280 to 30100 means 1200 rupees strong correction on profit booking.
On weekly chart, Gold future is trading now around major average with bearish indicators and oscillators.
From medium to long term view, Gold future is in correction phase and this week hit lower target of 30450. Now below 30450 expect next long term support as well as next corrective target around 28900. Strong rupee and risk on trades in equity market can push gold prices to record lows.
Gold future monthly chart technical analysis
Gold future on monthly chart showing huge loss for month of November. This was the first losing month for Gold prices after last 3 months rally and in November, gold tumbled from 31950 to 30100 means 1850 rupees correction on profit booking.
From long term view, gold future below 30450 will remain weak and sell for downside targets and expect lower level up to 28900 to 28500.
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