MCX Gold continued its strong upward move last week and closed with a gain of around 0.5%. On the weekly chart, gold prices are clearly making higher highs and higher lows, which confirms that the overall trend is still bullish.
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However, traders should remain a bit careful in the short term. The monthly RSI is close to 95, which means gold is in the overbought zone. This suggests that some profit booking or minor correction cannot be ruled out.
As long as MCX Gold stays above Rs 1,35,500, the bullish trend remains safe. If this level holds, prices may move higher towards Rs 1,40,000 — 1,42,000 and later Rs 1,44,000.
On the downside, strong support is seen near Rs 1,26,900. A clear break below this level may change the trend and signal weakness.
Trading Recommendation
- Buy MCX Gold above: Rs 1,35,500
- Stop Loss: Below Rs 1,31,900
- Targets: Rs 1,40,000 — 1,42,000 and Rs 1,44,000
- Current Market Price (CMP): Rs 1,36,324
Frequently Asked Questions (FAQs)
1. Is MCX Gold bullish right now?
Yes, MCX Gold is currently in a bullish trend as prices are trading above important support levels.
2. What are the targets for MCX Gold as per Neal Bhai?
Neal Bhai has suggested upside targets of Rs 1,40,000 and Rs 1,42,000.
3. Is it a good time to buy MCX Gold?
Buying on dips is preferred as long as the bullish structure remains intact.
4. What is driving gold prices higher?
Global economic uncertainty, safe-haven demand, and positive technical signals are supporting gold prices.
5. Is MCX Gold suitable for short-term traders?
Yes, MCX Gold offers good opportunities for short-term traders, but proper stop-loss and risk management are important.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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