Gold Future trading at consolidation range
Already double bottom and recovery from there...
GOLD Future BUY above 50538
once the trend line breakout go long in Gold Future .
MCX:GOLD1! A rangebound consolidation has been seen on the chart patterns of Gold Futures. A slight uptrend is visible from current levels. A rally of around Rs.1000 is possible in short term which will make gold hit 52k levels.
I'm looking for Buy to sell setup in Gold, the manipulation candle along with equal low suggesting me that BUYING is possible..Look for Lower time frame break of structures before taking trades
Hello, gold futures analysis on 2hr chart buy: 52,000 target: 53,200 stoploss: 51,750.
LOGIC BEHIND TRADE : Gold futures has formed W pattern on 2hr chart & given breakout of resistance, buying on pull back is strategy RR is good in trade (target identified from harmonic xabcd pattern level 0.886) stoploss is taken low of resistance candle. MCX:GOLD1!
Directional Bias: Bullish
Pattern Type: Continuation
Pattern Description: This pattern occurs within the context of a longer
uptrend and is characterized by the price forming a u-shaped cup with a short
handle on the right. The duration of the cup should last at least 7 weeks if
using a daily chart.
Volume Description: Volume will typically follow the shape of the...
Good Run up since start oif teh month.
RSI at 70
A
At 1875, it has a resistance of the previous channel band.
YTD -2.1% returns....Inflation Hedge ??!!!!
Buy only abobe 1875!
In the monthly time frame, gold gives a clear pattern rounding bottom, which is a big bullish pattern for a far long target. It has given breakout and retested the breakout level. Now it is amazing to see the bullish move from here. We can also see the bullish move from 1800 or some below the level in the weekly time frame. If this happens we can expect the first...
Although there has been a good breakout from 1750 levels still it could face Resistance around 1800-1850 levels. Crossing 1800-1850 it may get into its long term uptrend direction.
1. Gold took support from key support level.
2. Formed tweezer bottom.
3. Also taking .382% fibonacci support.
Buy Gold With Strict SL Of 1670$, Closing Price 1726$
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.
According to my wave count ( Elliot wave) we are going to see wave 5 soon after wave 4 will be sone at the level of 1440-1430 so we can have long position from that point by taking stop loss 1400 and target as explained in the chart.
this is just a view which is only for educational purpose, please don't invest until you have some financial advice from an expert.
