Gold is forming an inverted head and shoulder whose neckline is in confluence with very crucial resistance line.
I will long gold with 1500 as first target and then from their will wait to see the reaction at resistance zone to open new position.
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Silver moving in a flag pattern, in on the lower point of the channel. If the channel is broken on the downside, a slide upto 16.82 can be expected.
It has been correcting for some time, there is a possibility that after all the news flow, the short positions will start to unwind and push the prices higher.
Since my ideas can be seen in India only, by the time...
. There is a possibility of temporary retracement to resistance support line (1280.90). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAUUSD is in a range bound and the beginning of downtrend is expected.
. Price is below WEMA21, if price rises more, this line can act as...
Gold has given been in bear's grip since Wednesday (25-09-19), it formed a Doji on daily chart yesterday (26-09-19) and resumed the fall today.
It has come out of a medium term channel on 25th, 1483-89 is the range it managed to form a bottom from when it corrected a few days back.
It may break this support this time, 1440-1460 is the next target on the down...
Gold posted a handsome recovery, not only broke a price channel on the upside but also breached another important range 1483-1511, where it has spend several weeks in recent past.
It did spend some time above 1483, and corrected a little towards the closing.
1483 is a strong resistance, if and once it is breached too, it will start acting as a resistance.
Gold ETF can be used to see the trend of Gold. The way jump from sub 140 level to significantly higher than 140 at 143 has taken place in early August, we have signs of the overall sentiment as strongly bullish. With RSI hovering around 60 in past 2 months, it is evident a strong uptrend is present. At the moment, we can see the strength declining and we can...