Gold Monthly Charts
MCX Gold on the monthly charts consolidating for the last for the 5 years in the band of Rs25000 – 32200 per 10 gram. Sentiment on the monthly charts suggests the long term sentiment is reversed to the negative bias and posied towards the lower end of the balance Rs25000 w- longer term trend which is expected to happen around 3-4 months duration.
However on the weekly charts negative sentiment is on the extreme. Possibilities are that gold could be bottomed out in the medium term and we could start building a range possibly between Rs27000 – Rs28500 per 10 gram. Interestingly 7 months of frenzy one-timeframing came to an end by this week by breaking previous week high however sentiment still maintains negative.
On the Daily Charts sentiment turned positive for the last 3 trading sessions and the sentiment. Further a breakout move above 27400 from the short term consolidation brings more momentum towards 28000-28500.