Weekly Spot Gold Technical Analysis:

International Spot Gold is trading a tight range of 857 -930 from last 15 days, making volatile movement. Any breakout is required to confirm further trend as Crude Oil and US Dollar are key driving factors.


Weekly Spot Gold Technical Analysis:

The daily stochastics have crossed over up which is a bullish indication. The prices closed above short term and medium term EMA, which supports bulls. MACD is heading downwards in positive region, showing decrease in bullish momentum. The 13-day RSI near 54 and increasing upside indicating bullishness in market, if goes above 70 will make it over bought.

Market is having major resistance at 909 and on the break of it will turn more bullish toward 917 and 928. Strong resistance is there at 928 for long term trend and if break it can go further up till 973.

Initial Support can be seen at 895 on break of it will turn more bearish towards 874.60 and 857. Strong support can be seen at 857 for long term and if break it can fall further to 831 and 785.

Regards,

Kamlesh Jogi
Commodities Research Analyst.