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...
Did you read the 26 Jan 2021 article on Gold?
Article: Don't Get Yourself Into a Bull Trap With MCX Gold
Wherein I have highlighted a strong resistance (SR) which is 49280 . It has broken down on 14 Feb 2022. That indicates the MCX gold uptrend is unfolding here. If it consecutively remains above the SR, we will see the gold price above 51160 - 51740 .
The...
MCX gold has started falling since 1st June, and it's moving under a parallel channel. But this time, it can break out this channel. Why? I will explain it through Elliott wave projection in the next update.
In the last trading session, it made a Doji candlestick. And that's a sign of trend change. If gold does not break the crucial level, then it can drop up...
In June, XAUUSD and MCX Gold crash due to FOMC events. It has recovered almost 60% to 70% loss in the July month. You can read the previous articles of Gold to catch the next move.
This week gold may remain downside until it breaks the levels of 48520 . It can be up to 47580 - 47200 . But, once it crossover the 48520 levels, then it will become unstoppable...
Gold futures preparing to come at $1740 - $1750 - $1760 . Day traders must wait for a breakout of the control price line before entering.
The uptrend will end whenever the gold spot price breaks strong support.
The chart above indicating a clear uptrend continuation. We may see sideways movement before it hits the top of the rectangle.
According to the Darvas box ( rectangular formation ), MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 - 45300 .
Targets: 45560 - 45680
If gold breaks the bottom of the...
On 15 Feb 2021, I have written an article on Gold. First, click below & read again:
URL:
I have written in that article, " If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46860 – 46600 – 46000 – 45660 – 45200 ".
Gold has touched all targets.
NEW UPDATE:
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Keep eyes on the retracement value...
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 ".
Gold has...
Main scenario: If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement.
Targets: 46600 - 46000 - 45660 - 45200
Alternative scenario: If gold remains above 0.5 , it may try to hit 0.382 (TP: 48260 - 49000+ ).
So, here hurdle is 47296 for the short-term traders. Intraday traders can play both sides.
And we may see a...
MCX Gold is collapsing after making the all-time high of 56191 (swing high). It has created a parallel channel in December. Gold prices are rising here. If gold breaks the dynamic resistance without fakeout, it can touch 5 1000 - 52000 - 52384 levels at the beginning of 2021.
And if gold breaks the parallel channel and retracement value of 0.618 , it will...
Gold is bouncing from the hurdle (support). And if we look at the Gold Spot, the RSI is bullish and calls for further upside. Hence, MCX traders can buy for the following targets: 50060 - 50120 - 50200.
According to MA, EMA, and DMI, it's bearish. If it remains below to hurdle, intraday traders must sell it for the targets of 49860 - 49800.
MCX Gold Guinea is making a triangle pattern. As per the ADX, the trend is weak and, +DI is above the -DI. That indicates an uptrend ahead. Additionally, 200 MA isn't broken.
According to DMI & MA, we have chances to see 40260 - 40500+ levels.
But, if you look at the triangle pattern, it seems bearish. We have more chances to see downward (huge selling...
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.
Fib retracement:
Swing High: 56191
Swing Low: 38400
Here's...
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...
Overall, MCX gold is collapsing. Look at the chart, if it breaks a low of 48924, we may see freefall up to 48500 - 48360 .
According to 50 MA, gold will try to push the upside. If we see the gold closing price above the second top of the trendline, it will start rising for the levels of 49760 - 50000 .
Here ADX is less than 25 and 200 MA throwing a direct sell...
Gold has started rising from U.S. Presidential Election. I have said in the previous newsletters, bullion sector commodities are strongly bullish. How many of you bought Gold and Gold Guinea?
MCX Gold Measured Moves
I had written for the intraday traders that, " ...the day traders can follow the following targets: 51000 – 51360 – 51860+
And short-term...
![GOLD1!: UPDATE: When Will MCX Gold explode? [Profit - INR 210000]](https://s3.tradingview.com/r/r4oVCsML_mid.png "UPDATE: When Will MCX Gold explode? [Profit - INR 210000]")
