GOLD MCX:
After a smart rally Seen in Gold MCX from 79,600/- levels in JAN 2025 we have seen gold accelerating towards Highs of 86,592/-. Approximately 7,000 Points mammoth rally)
What's Next:
If we analyze the technical chart on daily and weekly time frame. Observed a "Flag Pattern Formation" has been witnessed. If GOLD MCX closes above or sustains above 86400 (Flag Pattern Breakout levels) another leg of rally can be seen on the upside.
Any correction towards 84000-84200 (Flag Pattern Support) it will be best buying opportunity for the short term investors, If Gold MCX closes below 83800 then there can be correction in the yellow metal. So we suggest continue to HOLD long positions with Stop loss of 83800 and accumulate GOLD MCX on correction till 84000- 84200 Levels. (Do not forget the Stop loss)
After a smart rally Seen in Gold MCX from 79,600/- levels in JAN 2025 we have seen gold accelerating towards Highs of 86,592/-. Approximately 7,000 Points mammoth rally)
What's Next:
If we analyze the technical chart on daily and weekly time frame. Observed a "Flag Pattern Formation" has been witnessed. If GOLD MCX closes above or sustains above 86400 (Flag Pattern Breakout levels) another leg of rally can be seen on the upside.
Any correction towards 84000-84200 (Flag Pattern Support) it will be best buying opportunity for the short term investors, If Gold MCX closes below 83800 then there can be correction in the yellow metal. So we suggest continue to HOLD long positions with Stop loss of 83800 and accumulate GOLD MCX on correction till 84000- 84200 Levels. (Do not forget the Stop loss)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.