hi all, Intraday call based on fib level and ichimoku, as we can see price closing above 50230 will give further uptrend. Trade decided on 5min and 15min time frame/
As 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.
watch bottom around 1900. target 2400
Gold Respect to its Support Level Chances to go more High Ever.
This might be the first sign of Gold's another bull run to test its previous high. INR 49000 is a strong support for gold. Even if its falls below it cannot break 46000. So start buying now averaging below secure a hefty profit opportunity in gold.
Last 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...
Gold can take support at $1750/oz which approx 43K-44K/10 gram of gold in India. As the dollar is increasing due stimulus provided by Central Bank in US. If you are planning to buy Gold you can start buying but wait for the above level to complete your buying.
As 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.
As per my last week idea, there was a strong rejection zone formed on the upside. In the last trading sesssion we saw GOLD break the drawn Rejection line with a small breakout above into our accumulation zone. Currently, GOLD has taken support along the previous rejection line.
Still there is no good news about any vaccine regarding COVID-19, there is still heavy hedging by investors in Gold to protect their funds. Gold is within the accmulation zone and has been range bound in the last few weeks. Downside breakout was tried but failed and bounce back was seen in the last 2-4 trading session. GOLD is bullish.
To update from the last week's rejection line, it broke upside and returned back to the accumulation zone. This week could very well see a uptrend with global markets taking a hit on thursday and friday.
Midterm forecast: While the price is below the resistance 2075.05, beginning of downtrend is expected. We make sure when the support at 1818.00 breaks. If the resistance at 2075.05 is broken, the short-term forecast -beginning of downtrend- will be invalid. Technical analysis: While the RSI support #1 at 45 is not broken, the probability of price decrease...
GOLD CLOSED ABOVE THE RESISTANCE AND WE CAN SEE THE LAST CANDLE REJECTING THE SUPPORT . WE COULD TAKE A LONG POSITION HERE TO THE NEXT RESISTANCE LEVEL(2010)... WHAT DO YOU THINK GUYS?
profit booking on GOLD which started on 7th of August is continuing. Weeker global cues in metal sector and a pinch of taking money of table is what we have witnessed in last 15 odd trading sessions. RSI is looking little week but nothing to worry. Basis FIB retracement the support levels are perfectly aligned to 0.38 Levels and resistance is at 0.23 levels. In...
Price formed a symmetric triangle pattern and it is about to break the triangle, enter long when breaks the level mentioned in the pic.
As per short term view, GOLD is in the last phase of corrective wave-y, which is unfolding as an impulse. Currently the price structure suggests that there is a formation of a triangle & this triangle is being formed as a wave-4. This wave-4 triangle formation often takes place as a preparation of terminal trust and after that the 5th wave of the impulse get...