XAUUSD , weekly analysis, Nov 19 - 13Hi traders,
Gold against US Dollar weekly analysis, post election first week analysis shows a bullish view like last week also , this pair looking to go high may be till 1975 - 1980 mark this week, but first few days of the week may see a down side almost it has a chance to touch 1925-1930 price range, then it has all the chance to go up against weaker dollar in the coming days, I hope this may continue to overall November
Goldtrading
MCX Gold Guinea price setting up for a big rallyU.S election result will come soon. Today, we have chances to see solid movements in MCX's bullion sector commodities. And Gold Guinea crossed 50 MA upper side.
Intraday & short-term traders can buy using this strategy to make some money. Targets: 41800 - 42200 - 43000+
If it closes below 50 MA , then don't hold your position in loss. I prefer to exit after it.
Do you want to know about MCX Gold? Go here:
Today, I'm going to update a detailed report on COPPER.
Gold - US presidential electionAs everyone is expecting gold to break alltime high $2075 before US presidential election, the chart says gold will slide & trade in the range of $1736-1802 (demand zone) before making any further move upside.
Long term demand zone $1560-1682
Fibo extension supply zone @2158-2460-2685
Expecting gold not to break $2075 within 3 months of time frame.
Bear Zone Coming Up in GOLD - HOLD LONGLast week has seen tremendous downfall in the global markets with the COVID-19 vaacine no where to be seen.
Major markets reacted to supposedly possible "LOCKDOWN 2.0" in many other parts of the world.
In India, We have seen NIFTY react and fall below 11400 & Bank Nifty make huge falls in the last few trading session.
Investors weary with the major markets usually focus on Gold to hedge the positions but, this week we have seen many investors reduce their positions in the last two trading sessions which refelected in the yellow metal falling steeply.
HOLD taking new LONG positions until GOLD reaches back into accumulation zone. Trade wisely!
GOLDPETAL LONG - HEAVY ACCUMULATIONAs per the FOREX GOLD chart idea I have been posting in the last few weeks, the gold is in accumulation stages and GOLDPETAL Contracts are being traded in the MCX with good volumes.
The following idea shows that GOLD has had very strong RSI with above 40 in the last two months.
Price breakout chart in USD can be seen below for XAUUSD.