THE CHART IS STROG BULLISH FORMING A TRIANGLE PATTERN IF IT BREAKS DOWNSIDE THAN AVOID SHORTS IF BREAKS UPSIDE AND SUSTAINS THERE THAN WE CAN LONG IT WITH SMALL SL. THE GOLD HAS SHOWN A BIG RALLY THE RALLY WHICH IS FAR BIGGER THAN EXPECTED
I dont know what to say, please see my all posts of gold, Gold sell call given at 52320 with sl of 52550 which was ascending channels high when i posted the chart previously, it made high of 52520 and touched the lower level of channel, infact it tried to make low around the level where the channel actually started, which was the final target of ascending channels...
Gold is about to touch ascending channels high, This is the place to lookout for sell for a fall or to buy again above breaking of ascending channel. Stay Alert. Will Update. All The Targets To The Previous Call In Gold Has Achieved.
Bulls tried to take gold higher but were unable to sustain the momentum and it closed below its major support which is now acting as resitance. DXY is providing further headwinds with it closing above a major resistance at 93.83 which is generally bearish for gold. However the market as such does not have 100% bearish sentiment as due to US elections and hopes of...
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...
Here I have compared Gold Spot (CFD) with Indian MCX Gold to identify this week's trend.
In the chart, there are two different support levels. Wherein support level 1860 is for gold spot, and 49260 for the MCX gold.
I have used moving average and volume on Indian gold. At present, 50 MA is turning downside. If it breaks the parallel channel (PC), gold will...
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.
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.
Gold against US Dollar , price movement of XAUUSD in the month of September So far, is between 1972 and 1928 except once it went low of 1908, but this week , this pair is in the position to break up or down, it seems 3 months old resistance is stronger than a 3 weeks support area, if it breaks above , price may go till 1983,, Else the south boundary...
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 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.
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.
While the RSI uptrend #1 is not broken, bullish wave in price would continue.