Rally is about to end in MCX GOLD ?

akshit_official Updated   
MCX:GOLD1!   Gold Futures
MCX Gold has rallied one way from 62000 to 67000 in last 5 weeks without any major retracements.

Gold is currently respecting a rising channel pattern & currently trading at higher end of this channel pattern. I'm expecting gold to correct and touch bottom of this rising channel.

I tried to short gold last week but it went sideways so I had to close. Closed that position in 700-750 rupees in profit.

I am seeing a trading opportunity in gold.

Here's a trading opportunity.
GOLD CMP - 66780

I'm taking short positions in Gold June Future at CMP 67160.

Holding Future short position with Stoploss 67600.

I'm also planning to short MAY 65000 CE positionally which is now trading at 2500-2600.

I'm expecting a correction in Gold very soon.

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!
Trade active:
CMP 66140
640 rupees in profit.

It has made a shooting star candlestick on daily TF yesterday. Breakdown of it will give a good downside move.
Trade active:
CMP 65860
920 rupees in profit. going good so far..
65000 CE shorted at 2500 yesterday hasn't traded yet because of low volume but I believe it should trade around 1600-1800 today i.e. 700-800 rupees decay (in profit).

Holding short positions with CTC SL now.
Trade closed manually:
CTC SL reached. Trade closed.

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