EquityPandit’s Outlook for Gold for the week (Mar 18, 2019 – Mar 18, 2019) :
Gold MCX is trading in short term down trend and we have seen sharp correction from highs of 34031, trading close and near to 200 EMA Support levels placed at 31500, Technically on the daily charts we see minor support on the downside for Gold Mcx Future lies in zone of 31500- 31400 levels, where as minor resistance on the upside is capped around 32300- 32400 levels.
If Gold Mcx Future breaches minor support on the downside and closes below it we may see fresh break down and Gold Mcx Future can head towards major support on lower side around 30100- 30200 and if breaches minor resistance on the upside and closes above it we may see fresh breakout and Gold Mcx Future can head towards higher levels around 32800- 32900
Currently Gold Mcx Future is trading above 200 days exponential moving average and suggests long term trend is bullish. EquityPandit’s analyst predicts range for the week is seen from 32800- 32900 on upside and 30100- 30200 on downside.