Gold Futures (MCX) overview

Gold Futures (MCX) daily chart, here's a comprehensive technical analysis covering target, stop loss, support/resistance levels, and views across short, medium, and long term:

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🔍 Technical View Overview

📊 Indicators Used:

• Fibonacci Retracement (from ₹82,061 to approx ₹101,603)

• RSI (14) – Currently around 58.74 (neutral to mildly bullish)

• Candlestick Pattern – Showing consolidation near key Fibonacci levels

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🧱 Support & Resistance Levels

Level Type	Price (₹)	Remarks
Immediate Resistance	99,500 – 100,000	Psychological & Fibonacci 0.618 level
Major Resistance	101,600	0.618 Fib level – significant barrier
Immediate Support	97,870	Fibonacci 0.5 level – strong recent support
Major Support	95,000	Past consolidation & breakout area
Key Support	92,000	Last demand zone before major fall begins
Strong Base	82,061	Fibonacci 0 level – long-term base

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🎯 Price Action & Trend Analysis

• Price is consolidating between 97,800 – 99,500 range.

• Golden ratio (0.618 @ 101,603) is acting as a strong resistance.

• RSI is below overbought zone, showing no extreme trend pressure.

• Trend is bullish but momentum is slowing near the resistance zone.

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🧭 Target & Stop Loss

🔹 Short Term (1–2 weeks):

• View: Sideways to Mildly Bullish

• Buy above ₹99,500 (breakout confirmation)

• 🎯 Target: ₹100,800 – ₹101,600

• 🛑 Stop Loss: ₹97,600

🔸 Medium Term (1–2 months):

• View: Bullish if sustains above ₹99,500

• 🎯 Target: ₹103,000 – ₹105,000 (above 0.618 Fib extension)

• 🛑 Stop Loss: ₹95,000 (below medium-term support)

🔹 Long Term (3–6 months or more):

• View: Bullish trend intact above ₹92,000

• 🎯 Target: ₹108,000 – ₹110,000 (Fibonacci extension levels beyond 1.0)

• 🛑 Stop Loss: ₹92,000 (key structural support)

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📈 Conclusion

• The chart shows healthy uptrend supported by Fib levels.

• ₹101,600 is the critical breakout level for fresh highs.

• Current consolidation may lead to a breakout or retest of ₹97,800 zone.

• RSI and trend indicate bulls still in control, but volume and momentum confirmation are needed for strong upside.