In the previous trading session, MCX Gold made a high of 51538 and closed at 51343 (+444). A question is, is it moving upward?
To identify uptrend: There are two hurdles to continuing the uptrend. It should break out the 5th May high or settle above the control line.
According to the above chart, Gold is forming a bullish flag pattern. And we're waiting for a breakout of the flag pattern. This breakout will skyrocket the gold price, and we can see 6400+ points of bullish movement here. Long-term target for gold 58000 - 60000.
Gold downtrend confirmation: But if gold breaks the support trendline (invalidation), then a downtrend may start. And if it happens, I will update you asap.
At present, intraday traders can keep buying for targets of 51500 - 51800+ levels.
Watch significant releases or events that may affect the movement of gold, silver, and crude oil.
Monday, May 09, 2022 04:30 FOMC Member Bostic Speaks - Medium Impact 11:00 Investing.com Gold Index - Medium Impact 18:15 FOMC Member Bostic Speaks - Medium Impact
Tuesday, May 10, 2022 17:10 FOMC Member Williams Speaks - Medium Impact 18:00 FOMC Member Bostic Speaks - Medium Impact 21:30 EIA Short-Term Energy Outlook - High Impact
Wednesday, May 11, 2022 00:30 FOMC Member Mester Speaks - Medium Impact 02:00 API Weekly Crude Oil Stock - Medium Impact 04:30 FOMC Member Bostic Speaks - Medium Impact 18:00 Core CPI (MoM) (Apr) - Medium Impact 20:00 Crude Oil Inventories - High Impact 22:31 10-Year Note Auction - Low Impact 23:30 Federal Budget Balance (Apr) - Low Impact
Thursday, May 12, 2022 10:30 Natural Gas Storage - Low Impact 13:30 IEA Monthly Report - Medium Impact
Friday, May 13, 2022 08:30 Import/Export Price Index (MoM) - Low Impact 11:00 FOMC Member Kashkari - Medium Impact 12:00 FOMC Member Mester Speaks - Medium Impact 13:00 U.S. Baker Hughes Oil Rig Count - Medium Impact
@varunvora5, To identify uptrend: There are two hurdles to continuing the uptrend. It should break out the 5th May high or settle above the control line.
gurukrupash
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@forextidings :I m follow you study predictions is very useful….Thank
psyank281
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Hello, all are giving buy call on Gold. And i am sure that it will go down and slowly will move to 40000. i am 3 lots short.
psyank281
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40000 is not for now...for now i am expecting 48500+-...and if Gold reaches 60000 then how could we short USDINR?