GOLD Technical Analysis (MCX) OVERVIEW

 

GOLD Technical Analysis (MCX) Current Market Price (CMP): ₹1,38,240

Based on the current chart patterns and technical indicators, here is the comprehensive outlook for Gold:

📉 Trend Overview

Short-Term Trend: Bearish / Consolidation. The price is currently trading below the 9-period EMA and forming a descending wedge pattern, indicating near-term selling pressure.

Medium-Term Trend: Neutral to Bullish. Looking for a base formation around major support levels before the next leg up.

Long-Term Trend: Strongly Bullish. Historically, gold remains a preferred hedge, and the primary trend stays upward despite temporary corrections.

🎯 Target & Stop Loss Levels

View Target 1 Target 2 Stop Loss (SL) Short Term ₹1,37,500 ₹1,36,800 ₹1,39,200 Medium Term ₹1,40,500 ₹1,42,000 ₹1,35,000 Long Term ₹1,45,000 ₹1,50,000+ ₹1,30,000

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🔍 Key Technical Indicators

RSI (14): 44.71 – Currently in the neutral zone. It is trending downwards, suggesting that momentum is shifting to the bears in the immediate session. A drop below 30 would indicate an "oversold" bounce.

Support Levels:

S1: ₹1,38,000 (Immediate psychological floor)

S2: ₹1,37,500 (Major structural support)

Resistance Levels:

R1: ₹1,39,113 (Recent swing high)

R2: ₹1,40,000 (Key psychological barrier)

💡 Expert Trading View

Strategy: The chart shows a "Success" on a recent short move. For fresh entries, wait for the price to either bounce from the ₹1,37,800 support or break decisively above ₹1,39,200 with high volume. Avoid aggressive long positions while the price stays below the 9 EMA (₹138,229).