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.
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...
On 15 Feb 2021, I have written an article on Gold. First, click below & read again:
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...
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 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.
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...
Gold has made a Doji in the weekly chart. It's a direct sign of a reversal. And wherein ADX is less than 25 but +DI above the -DI . Additionally, the 20 MA line is trying to stay downside.
In short, DMI & MA is throwing a strong upward signal. Moreover, its volume is increasing. This week, we have chances to see gold prices above the 51860 ...
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)...
As per vol spike and stochastic RSI sign, gold will perform downside. It could hit 44000 – 43860 levels.
Keep your eyes peeled at 45300 levels. Above it, 46500 – 47300+ levels are waiting. Intraday traders can use it as a hurdle.
Don’t forget to note down fakeout.