Gold MCX Technical Outlook

Gold MCX June contract has been trading in a nice down trend and headed a low of 29580 which is life time low for this particular contract. As we can see in chart provided above, metal turned back from key resistance of 20 days EMA and descending trend line and now trading below 10-20 and 50 days EMA which indicates a down trend on short term and midterm time frame. MACD is hovering under zero line and now getting ready to cross under signal line which would be added advantage for Gold bears. 14 periods daily RSI is under 50 and hints bearishness in this commodity. Price objective for bulls is now placed at 30100. Any recovery above 3100 may help this metal to jump towards 30250-30400 zones. Stability below 30100 zones keeps bearish scenario intact and this decline may extend towards 29200-28600 zones in coming days.

Recommendation: as per charts and explanation above, selling gold on jumps around 29800-29900 with stop loss above 30100 on closing basis for targeting 29250-28900-28650 might be appropriate in 1-3 months.

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