XAUUSD formed a bullish pennant pattern, this week expecting a break out on the upper channel, We are at the verge of new month, it could go higher all the way upto 250 pts, else if it breaks below it could go upto 1800 area this week,
but weakened dollar supports the gold uppish trend for me , based on price action analysis
Midterm forecast:
. While the price is below the resistance 29.85, beginning of downtrend is expected.
. We make sure when the support at 19.65 breaks.
. If the resistance at 29.85 is broken, the short-term forecast -beginning of downtrend- will be invalid.
T echnical analysis:
. The RSI uptrend #1 is broken, so the probability of beginning of downtrend is...
As per short term view, GOLD is in the last phase of corrective wave-y, which is unfolding as an impulse. Currently the price structure suggests that there is a formation of a triangle & this triangle is being formed as a wave-4. This wave-4 triangle formation often takes place as a preparation of terminal trust and after that the 5th wave of the impulse get...
Long ago a surge in GOLD price rally stopped in the year 2011 & the point has been designated as a primary wave-5 by all the elliottician. From that level we have seen a correction upto the level of 1045 $. A nice corrective move.Right from that level GOLD price raised up & currently trading in a all time new highs range. But this rally from the lows 1045$ is...
Gold prices can rally beyond breaking the rejection zone. It is still in the accumulation zone as per my previous post on the gold chart,
We have see two false breakouts happend in the last two weeks beyond and below our accumulation zone.
Bear zone is also indicated. If price falls to that zone, bears take control.
SILVER COMEX is on the verge of Breakout of Range, Today if SILVER COMEX Sustains above 27.30$ we can see upward swing in Silver in the next few trading session. Keep a close Eye on SILVER COMEX for the Trading opportunity. 👍
Gold jumping from the support of 50500 is forming a sell pattern to break the support and venture into 49500-48500 region. Selling around 52000-52500 region, we can see drop till 49500.
Gold to break $1900 in the coming weeks. Rising from a strong support of $1860's and $1900, the prices can test $1980 and fall flat to break the support of $1900. In the longer run, once the prices jumps up from the support region of $1800-$1850, will break the $2000 level.
Bullish Triangle Running – A Classic Scenario for MCX Gold
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Disclaimer
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All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy,...
Gold MCX has strong Channel Line Support As marked on the above chart and we can see buying resuming in the GOLD MCX, With the Stoploss of 50400 one should Go Long for the Targets of 52000 and 54000 on the upside. Once GOLD MCX Closes above 52500 it May Again Resume its bullish momentum.
