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
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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
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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).
@bhavesh2810 According to my analysis, Rally is over in gold. If it breaks 65800-65750 now, we may witness sharp selling in gold as it will break the main supportive trendline. I’m waiting for it to break 65800-65750. My SL is placed at cost which is near 66750.
Any updated view? What bullish targets can be seen?
akshit_official
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@Munish_Jain, although Gold is in clear uptrend making continuously HH-HL structure on larger time frame, I am definitely not bullish in gold at current levels as risk is high for me in long positions at CMP. It will be tough to tell specific bullish targets as gold is trading in unchartered territory. Long positions can be held with SL of swing lows on 4 HR TF for trend traders & 66900 for very short term traders. My view in gold could go wrong and gold may trade at even higher levels but I'll be tracking global cues & chart patterns/level to only to short with small SL for bigger targets. :)