Goldlong
AS PER THE PATTERN, GO LONGMarked the trading range, buy in the area support, Long when breaks the range.
Rejection line formed in GOLD - Bullish beyond breakoutGold prices can rally beyond breaking the rejection zone. It is still in the accumulation zone as per my previous post on the gold chart,
We have see two false breakouts happend in the last two weeks beyond and below our accumulation zone.
Bear zone is also indicated. If price falls to that zone, bears take control.
GOLD MCX ANALYSISGold 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.
Accumuate GOLD at $1940 to $1960 rangeGold has fallen from it's recent high of $2050.
Correction between $1940-$2000 range expected in the next couple of days. Accumulate depending on the market news regarding US Jobs, COVID Vaccine, US Election news & Trump.
First Support at $1960 and second Strong support at $1940 .