MCX OCT GOLD MARKET RECOMMENDATION

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MCX OCT GOLD MARKET RECOMMENDATION

Mcx gold oct expiry future closed at 31,338 on Saturdays half session. on account qe3 will come rally is triggered in gold future after initial drop. on Friday gold slips below 30,800 support and hit lows near 30,600 but as fed confirmed that there may be qe3 in near future we seen sharp short covering rallies all over.on daily chart trend and momentum still long side. mcx gold oct future weekly average at 31,100 below that 30,600 is monthly and last 30,000 is 3month average and all these are supports for short term. in last analysis our target of 31,600 is near this week 30,800 achieved but gold is overbought so stay alert in long positions with strict stoploss.


weekly analysis
on this week was 4 positive closing week for gold prices. last 2 weeks gold price almost rallied 4%+.on gold future 6 month level is near 29,600 below that 28,050 is yearly level and 25,900 is 2 years level. on also gold is overbought and upside now looks limited from medium to long term view. correction in gold is inevitable !

TRADING VIEW:-

Short term and day traders, stay long with stoploss below 31,100 for targets of 31,500-31,650.
for medium to long term traders start accumulating shorts in long term contracts in mini/micro lots for big (almost 4-6%) downside!!
i personally now bearish on gold for correction!