Fundamental Descriptions: Gold was down on Wednesday morning in Asia, with the dollar continuing its retreat from a 20-year high and countering pressure from stronger Treasury yields. Gold drops for the second consecutive day, taking offers around 1808 to refresh the intraday low heading into Wednesday’s European session, as sour sentiment joins the firmer US...
Description : Chart of Gold is forming a beautiful triangle.
Support Area : Break of triangle downside will lead to immediate support at 1680$ if this also breaks then 1480$.
Resistance Area : Break of triangle on upside will lead to 1900$ and then followed by 2030$
GOLD has broken its long sustained downtrend on a daily chart. It has also crosses and sustained a strong support level of 1850. Good upside possible from here.
Although there has been a good breakout from 1750 levels still it could face Resistance around 1800-1850 levels. Crossing 1800-1850 it may get into its long term uptrend direction.
Gold has started rising from U.S. Presidential Election. I have said in the previous newsletters, bullion sector commodities are strongly bullish. How many of you bought Gold and Gold Guinea?
MCX Gold Measured Moves
I had written for the intraday traders that, " ...the day traders can follow the following targets: 51000 – 51360 – 51860+
And short-term...
Gold against Dollar pair , has traded sideways in the month of October , traded between the range between 1874 - 1932, price closes last week at 1902, it looks like the price actions supports the bearish move in the upcoming week, if it breaks the levels of 1880 at the bottom, it might go deep down of 1856 ,
If its not breaks the level of 1880 , then there is...
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.
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.
Gold raises gradually from its fall of 1450 and after breaks the price of 1600 , its gains momentum ..
and it gains strength to show its new high.. this week it will try to pierce the level 1660..if it breaks go high else ....
As per the previous updates on the blog & other social media that Gold will soon HIT $1285. Today trading at $1285, So further in this week. If closes below $1275 Then the further move will towards $1257 & $1244. So, For Bears Today is a Good day to book there shorts with $60 points & sit relax for a new entry. For Bulls they can put the stop loss of closing...
