Technical outlook for Gold

Market commentary: MCX Gold

As we suggested last week that we might see correction towards 30800-30500 and we witnessed the same. Last week MCX Gold Oct fall 300 points currently trading at 30900 indicate this fall can continue towards 30500. Technically MCX Gold on daily chart, trading within the parallel channel, started form October 2015, in the channel Gold price has touch the upper channel trice and lower channel twice. Now Gold price is heading towards lower channel of parallel channel, indicate uptrend is intact, Gold price can continue the profit booking, which will take it towards 30500 level.

 On an intraday hourly chart, gold is trading in a southward direction any trade or closed below 30500, we might see gap filling towards 29800, where one can use as an opportunity to buy Gold.  Momentum oscillator MACD on daily chart has given negative crossover, which add more bearishness for the Gold price.

Looking towards chart study, we suggested Gold price can see some correction towards 30500, any closed below 30500, Gold price can fall another 700 points, where one can use as an opportunity to buy Gold.

Pivot Level.

Gold Future: Positional & Intraday guidance

For intraday traders (MCX Gold) try to do jobbing on both the sides of market movement. You can use the levels given below to trade accordingly.