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.