Goldsignals
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.
GOLD ALREADY PANNED ITS NEXT MOVE !! HERE IS THE REASONGOLD BREAKS RESISTANCE AND NOW ITS WORKING AS SUPPORT SO POTENTIALLY GOLD CAN REACH OUR NEXT RESISTANCE POINT and CUP HANDLE PATTER RESISTANCE POINT TOO that IS 1732 level WHICH ALSO HAS OUR SELLING ZONES IF IT FAILS AT POINT AND DROPS AGAIN SO I ALREADY GAVE IDEA OF OUR SHORT ENTRIES AND IF IT KEEPS SHOOTING UP AND BREAKS OUR RESISTANCE WE GOING FOR LONG AFTER A RETEST
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GOLD SHORT TRADE SETUPThe 4 hour right side is up against 8/16/2018 low (1159). 1 hour is turning down against 1739 high. Near-term, while bounces fail below 1739 high expect Gold to extend lower to correct the cycle from 8/16/2018 low in 3, 7 or 11 swings before upside resume.
SHORT GOLD
@1700-1704
TP: 1680
SL: 1715
GOOD LUCK !
XAUUSD Short Trade SetupGold is favored to remain in the cycle up from 8/16/2018 lows where the daily right side is up. A pullback to correct the cycle from the 8/16/2018 wave ((2)) lows ended wave ((4)) at 1447 on 11/12/19 where the 4 hour is turning up. The metal is favored ended ended a wave B at 1593 where the hourly is turning down to correct the cycle from the 1611 highs. While below 1593 it can see another swing lower in wave (2) to correct the cycle from the 1447 lows. While above the 11/12/19 lows the metal can continue higher in wave I toward the 1700-1750 area before it corrects the cycle from the 12/12/17 lows.
GOLD TRADE SETUP Gold is favored to remain in the cycle up from 8/16/2018 lows where the daily right side is up. A pullback to correct the cycle from the 8/16/2018 wave ((2)) lows ended wave ((4)) at 1447 on 11/12/19 where the 4 hour is turning up. The metal is favored ended correcting the cycle lower from the 1/7/20 highs at 1611 with the bounce to the 1588 highs where the hourly is turning down. While below there it can see another swing lower in wave (2) to correct the cycle from the 1447 lows. While above the 11/12/19 lows the metal can continue higher in wave I toward the 1700-1750 area before it corrects the cycle from the 12/12/17 lows.
GOLD SHORT TRADE SETUPGold is favored ended the cycle from 8/16/2018 lows where the daily right side is up in wave ((3)) at the 9/4/2019 highs at 1557 and a pullback to correct the cycle from the 8/16/2018 wave ((2)) lows ended wave ((4)) at 1446 on 11/12/19 where the 4 hour is turning up. While above there the metal can continue higher in wave I toward the 1700-1750 area before it corrects the cycle from the 12/12/17 lows.
Gold | Triangle pattern Triangle pattern observed in Gold. Pattern looks to be valid and the target comes at 1477.
1438 and 1382 are the trend defining levels and so conservatively, longs can be initiate beyond 1438.
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