GOLD FUTURES (MCX) overview

 

GOLD FUTURES (MCX) – TECHNICAL ANALYSIS & TRADE PLAN Timeframe reference: 5-minute chart (as shared)

📈 TREND ANALYSIS Immediate Trend (Intraday): Bullish

Short Term (1–5 days): Bullish with consolidation

Medium Term (2–4 weeks): Positive / Higher-high structure

Long Term (Positional): Bullish bias intact

Price is trading above EMA 9 & EMA 21, indicating strength. Recent sharp upside move shows strong momentum buying.

📊 INDICATOR VIEW EMA (9 & 21): Bullish crossover and price holding above → trend support

RSI (14): ~68–70

Near overbought but no negative divergence

Indicates strong momentum, not reversal yet

🔑 SUPPORT & RESISTANCE LEVELS Immediate Support

139,000 – 138,950 (EMA zone / pullback buy area)

138,750 (intraday swing support)

Immediate Resistance

139,350 – 139,400

139,650 – 139,800 (upper breakout zone)

🟢 BUY / SELL STRATEGY ✅ BUY ON DIPS (Preferred) Buy Zone: 139,000 – 139,050

Stop Loss: 138,750

Targets:

T1: 139,350

T2: 139,650

T3: 139,900

View: Trend-following buy as long as price holds above 138,750

⚠️ SELL ONLY IF BREAKDOWN Sell Below: 138,750 (5-min close)

Stop Loss: 139,050

Targets:

T1: 138,400

T2: 138,000

View: Counter-trend, only on confirmed breakdown

⏱️ TREND SUMMARY BY TIMEFRAME Short Term: Buy on dips

Medium Term: Hold longs, trailing SL below supports

Long Term: Bullish; corrections are buying opportunities

📌 FINAL VIEW ✔ Trend is UP ✔ Momentum strong ✔ RSI supports continuation ➡ Bias: BUY on pullbacks, avoid fresh selling near support