MCX Gold Tips For Weekly: Gold struggled to build the last week’s inflation-fueled rally and closed in negative territory, it tried to regain its traction on Wednesday, but failed to gather enough bullish momentum to move above it’s June highs.
RSI on the four hourly chart slipped below 50 levels staged some technical correction.
Gold Target Hindi For Weekly
For the coming week mcx gold 48700 will act as a immediate support, any trading action below this may take it towards 48500, 48275. Below this it may slip towards 48100 to 48000 which will act as strong support and reversal zone for Gold. If it breaks that levels then we may see pain till 47750 — 47550.
For upside mcx gold 49100 will act as a resistance. Above this upside hurdles would be 49320–49380 zone above that it may try to touch it’s last week high of 49610. Any move beyond that will open gates for further gold target of 49750–50000.