Gold posted a handsome recovery yesterday (Oct.1)
Updated
Gold posted a handsome recovery, not only broke a price channel on the upside but also breached another important range 1483-1511, where it has spend several weeks in recent past.
It did spend some time above 1483, and corrected a little towards the closing.
1483 is a strong resistance, if and once it is breached too, it will start acting as a resistance.
Long positions can be initiated:
1.) once it breaches yesterdy's high.
2.) manages to close or spend good time above 1483 levels.
1474 or 1468 can be the stops for long positions.
RSI too is indicating a smart recovery.
Beyond technical charts, the news flow is quite supportive of a rally, weak US manufacturing data, Australian Central Bank cut rates to historic low levels, WTO cut growth forecast (for global trade), China and India had to offer stimulus to save or revive economies are the recent developments that may push the prices upwards in near future.
Please remember to like this post, if you find it worth, do share your opinion in posts. You may also follow me for similar updates and opportunities in bullion, Nifty and BankNifty.
It did spend some time above 1483, and corrected a little towards the closing.
1483 is a strong resistance, if and once it is breached too, it will start acting as a resistance.
Long positions can be initiated:
1.) once it breaches yesterdy's high.
2.) manages to close or spend good time above 1483 levels.
1474 or 1468 can be the stops for long positions.
RSI too is indicating a smart recovery.
Beyond technical charts, the news flow is quite supportive of a rally, weak US manufacturing data, Australian Central Bank cut rates to historic low levels, WTO cut growth forecast (for global trade), China and India had to offer stimulus to save or revive economies are the recent developments that may push the prices upwards in near future.
Please remember to like this post, if you find it worth, do share your opinion in posts. You may also follow me for similar updates and opportunities in bullion, Nifty and BankNifty.
Trade active
Price moved as the charts indicated, 1511 is the first target, 1526 is second.Trade closed: target reached
Target 1 met, prices went upto 1520 too.I guess it is consolidating after a sharp rise and will start moving up again after a while. Trade on long side, buy dips and hold on for gains.
1494 should be the stop for long positions.
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