jashjacob

GOLDPETAL LONG - HEAVY ACCUMULATION

Long
MCX:GOLDPETAL1!   GOLD PETAL FUTURES
As per the FOREX GOLD chart idea I have been posting in the last few weeks, the gold is in accumulation stages and GOLDPETAL Contracts are being traded in the MCX with good volumes.

The following idea shows that GOLD has had very strong RSI with above 40 in the last two months.

Price breakout chart in USD can be seen below for XAUUSD .

Comment: GOLD taking support around 1900$ in FOREX market.
Comment: Gold has fallen significantly and entered into our predicted bear zone. Chart as below -

Comments

Any ideas on price doing a Stop hunt below 4900 (which GOLDPETAL tried to do on 24th Sept) and then trending upwards towards 5400?
+1 Reply
jashjacob praveen111989
@praveen111989, It was a one off stop hunt. The price has bounced back above my Bearish Level charts. Please check the latest one.

If the price has sustained below the bearish levels, we might have seen it go down more.

But I hardly doubt that gold will be bearish with the economy looking bleak.
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