MCX Gold Weekly Outlook: Comex Gold rebounded from last week’s multi-week low of $4,402 to finish the week nearly 1.5% higher. Weaker-than-expected US jobless claims strengthened expectations of a rate cut, lending support to prices near lower levels. However, a recovery in the US dollar capped further upside in the yellow metal. The near-term outlook remains bullish as long as the $4,500 support holds.
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MCX Gold Weekly Outlook By Neal Bhai
MCX Gold showed a strong recovery last week, gaining more than 5%. Prices have once again moved above the 9 EMA on the weekly chart, which is a positive sign for bulls and indicates improving market sentiment.
As long as Rs 1,44,000 remains safe on the downside, MCX Gold is expected to trade in a wide range between Rs 1,44,000 and Rs 1,60,000 during this month. This range-bound movement suggests both traders and investors should closely watch key levels before taking fresh positions.
Another positive factor is the RSI (Relative Strength Index). It is currently trading above the 60 level, which clearly shows strong upside momentum. This indicates that buying interest is still present in the market and dips may attract fresh buyers.
Overall, the technical structure of MCX Gold looks stable, and prices may continue to stay firm as long as major support levels hold.
MCX Gold Trading Strategy
Buy MCX Gold above: Rs 1,53,000
Stop Loss: Below Rs 1,50,500
Targets:
- First Target: Rs 1,60,000
- Extended Targets: Rs 1,62,000 – Rs 1,65,500
This strategy suits short- to medium-term traders who follow technical levels strictly.
5 FAQs on MCX Gold Outlook
1. Is MCX Gold bullish right now?
Yes, MCX Gold looks positive as prices are trading above the 9 EMA and RSI is above 60, indicating strong upward momentum.
2. What is the key support level for MCX Gold?
The major support level to watch is Rs 1,44,000. As long as this level holds, the trend remains stable.
3. What is the short-term target for MCX Gold?
The immediate upside target is Rs 1,60,000, followed by Rs 1,62,000 to Rs 1,65,500 if momentum continues.
4. Is MCX Gold good for trading this week?
Yes, traders can look for buying opportunities above Rs 1,53,000 with a strict stop loss for better risk management.
5. Which indicator supports the bullish view on Gold?
The RSI above 60 and price movement above the 9 EMA on the weekly chart support the bullish outlook.
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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