Gold Investments Tips and Target — From long term view, mcx gold future opened bullish for 2017 but facing continues resistance around 29500 level. We saw 3 times sell off around this level.
Now prices are heading for breakout above 29500 for big upside targets. On downside 28200 is long term support zone and above it outlook is bullish and my upside investment targets are 31400 and then 35600. Mcx gold weekly chart price trend and momentum both are now bullish.
Weekly chart RSI is at 55 with bullish divergence and buy signal. MACD is at -83 with bullish crossover means if long term sustains then we might see 10-20% gains in gold prices in longer terms.
In 2017, gold future had given five positive closings while 2 were negative closing reflecting overall bullish outlook of this precious metal. And this month long bullish candle is definitely is long term breakout signal.