MCX Gold price on the weekly chart as shown above has taken multiple support at Rs. 28300 level. Also, since the last few weeks prices have been trading in the range of Rs 28900 on the upside and Rs.28300 on the downside. However, last week on Friday’s session price bounce from its low and closed near its daily as well as weekly high. This indicates that a break of the range is more likely possible and prices are now set to move higher. We expect prices to move higher towards Rs. 29500 level, testing immediate resistance line R
The 14-period RSI is also trading above the 50 mark and pointing upwards indicating positive momentum for the price.
Hence we recommend to go long on the commodity for the target of Rs.29500 in the medium term.