NaveenGr

GOLD Uptrend - broke 1 year old trend line, possible long.

Long
MCX:GOLD1!   GOLD FUTURES

GOLD -

1. Major Support - 46870.
Resistance - 50000, 52500, 56000.

2. Past Trend - Up. In correction since last one year and has successfully broken last one year old trend line .

3. Strength - Is showing strength in up and is likely to break 50000.

4. Future trend - Break of 50000 and up trend continuation to 56000.

5. Trade Setups -
a. Buy - above 50000, 52500 if it sustains above these levels after breaking them.

b. Buy - around 45500 - 46000 if it shows selling from here.

c. Short - No short, resistance levels should be used to book some profit.