MCX GOLD - Profit Booking on Cards?

Mar 8

MCX Gold has rallied one way from 62000 to 66000 in last 8 days without any major retracements.
This sharp up move can not sustain without a good retracement.
Dollar Index is also trading at a major support zone of 102.500 so there's very high chance that we might see a correction very soon.

Here's a trading opportunity.
GOLD CMP - 65950

I'm taking short position in Gold April Future at CMP 65935.

Will add more position if 66100 comes.

Holding with Stoploss 66300.

I'm expecting minimum 1000 point correction in Gold very soon.

Gold 65000 PE is currently trading at 345. I'm taking some position in it too. I'm expecting it to get double by next week.





Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!

Mar 8

Trade active

CMP 66262
moved 300 rupees just after shorting.
adding more position here.

Average selling price now is 66120

Holding with new SL 66450
Strict SL 66450 in place.

Mar 11

Trade active

CMP 65980
140 rupees in profit.

Holding with same SL 66450.

Mar 12

Trade active

Trading in a small range. Still 100 rupees in profit. Holding with 66450 strict SL.

US CPI data due today so expecting downfall today.

Mar 13

Trade active

CMP 65470

650 rupees in profit.

Holding short position with 66000 SL.

Mar 15

Trade active

CMP 65590
530 rupees in profit.

short position still open.

As per chart, Gold's Elliott Impulse Wave (12345) has completed, transitioning into an Elliott Correction Wave (ABC), signaling a potential selling opportunity. I'm anticipating continuation of downward movement in the near term.

I'm expecting 64200 on positional basis.

Mar 18

Trade active

CMP 65230

890 rupees in profit.

Mar 19

Trade closed manually

CMP 65410

moving very slow. not moving as per my expectations so closing here.
closing 710 rupees in profit.