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...
As expected, gold has started collapsing after a breakout of the test level. Will it keep falling?
First, click here and read the previous article on gold: When Will MCX Gold explode?
I have written in clear words, " If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46600 – 46000 – 45660 – 45200 ".
According to this chart, gold has started falling from August month. Doji appearing in the last trading session. It's signaling a possible reversal. If gold follows the dynamic resistance, we may see a continuous downtrend. That can be up to 0.5 ( 47300 ) to 0.618 ( 45200 ) of Fib retracement.
Swing High: 56191
Swing Low: 38400
According to this chart, gold is further advance. Intraday traders can see 49860 - 50000 levels soon. We may see 50200 - 50400 in extension before the weekend.
If gold breaks the support trendline, gold can collapse up to the trend diversion point (from 49560 to 49400 levels). Speculators can enjoy both rides.
Once it breaks the support trendline, I...
MCX gold overall trend is upward. The position can be initiate at 52360 . It will keep moving upward after consecutive closing above to the control price. And we may see prices at 53000 - 53660 - 54000 - 54600+ levels.
Don't forget to follow the control price (CP). If gold breakdown CP, it may fall for 51360 - 51000 - 50500 - 50000 levels. Watch out the...
According to this chart, gold is reversing downward after making an all-time new high of 56191 . Its support level is 53800 . You can take this level as a hurdle too. We may see a correction up to this after the breakdown of DR.
This dynamic resistance will initiate buying pressure for a short period. We have chances to see 55600 (T1) to 56000+ (T2)...
This Will Signal A Massive Gold Rally
After a short reversal, gold will start marching for 49060 – 49200 . Don’t mess with gold below support trendline.
Can we expect a key level as a target? Yes, and I will update it into the next newsletter.