Good opportuniy to invest in GOLD. Education

GOLD (US$/OZ)TVC

Description

⋅ Apr 15, 2021 3:07 PM

All observations on chart.

MULTIPLE CONFIRMATIONS & EXPLANATIONS OF DRAWINGS

As you can see gold bounced tom 38.2% fibonacci level a good level to buy the dip.
19% correction from the top till pre covid levels

Falling channel pattern visible on charts, usually gives good move on the upside.
Double bottom pattern breakout given today.

Price comfortable above 20 moving average & made a new swing high

Overall this is attractive price to enter from long term view.

Comment

⋅ Apr 22, 2021 2:55 AM

On daily timeframe, there's breakouts of falling channel.

Comments

sanjaysarma25

⋅ Apr 15, 2021 5:02 PM

Thanks lot

varadtambolkar

⋅ Apr 17, 2021 5:52 AM

@sanjaysarma25, 🙏🏾

explorerani

⋅ Apr 20, 2021 10:42 AM

not much bullish on Gold . When Nifty is in Bull phase then Gold suppose to fall. Thanks for your analysis.

varadtambolkar

⋅ Apr 20, 2021 1:32 PM

@explorerani, Yes to balance out equity i added gold.
looks good for long term investment.

Alhad

⋅ Apr 18, 2021 7:06 PM

from where you refer gold chart ? goldbees chart on nse is quite distorted.

varadtambolkar

⋅ Apr 19, 2021 3:07 AM

@Alhad, i follow this USD terms chart only as it max maximum time period covered than MCX gold.

Another point is MCX gols ia closed form 11 pm to 9 am. That price move ia not captured.

Over-all this USD based chart almost gives similar movement.