MCX GOLD WEEKLY VIEW FOR THE WEEK 6.1.14 - 10.1.14

Outlook for GOLD for next week: -
 

Major Trend indicators: - MACD & TRIX broken zero line, ADX @ 19.31 {below 20}, Parabolic SAR @ 28093.4, check the chart

  

Momentum oscillators: - RSI @ 50.82, STOC @ 35.79 & WILLIAMS%R @ -16.36 {trending zone}, Check the chart

 

Volume Indicators: - MFI @ 30.81, Volume oscillator @-1.39, NVI @ 337.94 which is below to avg 338.31 & PVI @ 150.23 which is above avg 148.33 check the chart

  

Volatility Indicators: - ATR @ 419.33 & Gold Heading towards upper band is @ 29589.9 & middle band @ 28814.9 {Gold cmp 29159}, check the chart

 

Negative & Positive outs puts: - Gold {panic 28720} cmp 29159 which is above 20 ema @ 28925.59 but below 50 ema @ 29366.93, 100 ema @ 29461.41 & 200 ema @ 29317.21.

  

Conclusion: - Above 28825.33 {cmp 29159} it will find resistance @ 29575.67 for next week, once it crossed next rise to 29992.33 - 30742.67

Whereas Below 28825.33 it will find support @ 28408.67, if it breaks on closing basis, next 27658.33 - 27241.67 for next week

Overall trend turned bullish in Daily charts from 2.1.14 and Accumulation happening in weekly charts, but bearish from 6.12.13

thanks,

regards,

Rajesh Saladi 

NSE certified Technical Analyst