All things explained in the chart. Please refer.
Short XAUUSD Gold Positional
Gold which was trading at the lower support zone of a long term channel, has closed at nine days high. After this consolidation, it may trade at higher levels in coming days. Momentum is also looking strong, indicating a upward price moment. Beyond technical analysis, the fed rate cut and mixed commentary thereafter can be termed as supportive to a price rise...
Silver is trading below a long term channel, as long as it is out on the down side any longs should be avoided.
As the RSI charts are (specially the 21 period one) is far less volatile or noisy than the price movement chart, it is easier to determine its trend using the trend lines. the attached silver RSI chart shows how trend lines can be drawn on RSI and a fair idea of price movement can be drawn.
This chart will help understand the relevance of trend lines and parallel lines in understanding and trading trends of any trade-able instrument. As per this channel the lower range for Gold is 1485-1490, if it is taken - the gold prices will fall like nine pins. Let us see how it works in next few days.
Gold priced have been moving in a broa channel for quite some time. 1485-1490 is a rock solid support as one can see in the chart, if broken - it will fall like nine pins.
TRADE SETUP AS PER MONK STRATEGY. ONE SINGLE TRENDLINE AND THAT IS ALL YOU NEED TO TRADE AS PER PRICE ACTION. ALL THE BEST
Will it hold the support this time? Lets see....
all the important levels are mentioned in chart
Just for testing Vijayaraghavan.K, Kovilpatti