MCX Gold, BullishBuy MCX Gold at 14,944.43
SL at 14,844.89 and hold it till 15,293.51
Risk to reward: 1:3.5, From 15,293 it will drop till 14,750.17
MLong
Mcxgoldguineatips
MCX Gold Guinea's Downtrend: Is This Just the Beginning?MCX Gold Guinea is following a parallel channel since August 2020. Recently, it has touched the support trendline and started moving forward. Will it keep moving? How much? It will keep running for 37600 - 38000 levels.
But according to MA, Gold Guinea should keep falling. And for the following levels: 36800 - 36400 - 36000
What's Next for MCX Gold Guinea Price Trend ForecastMCX Gold Guinea is making a triangle pattern. As per the ADX, the trend is weak and, +DI is above the -DI. That indicates an uptrend ahead. Additionally, 200 MA isn't broken.
According to DMI & MA, we have chances to see 40260 - 40500+ levels.
But, if you look at the triangle pattern, it seems bearish. We have more chances to see downward (huge selling pressure) if it breaks the support line (dashed). And 50 MA is indicating the same.
Hence, once it breaks the support line, intraday traders can sell for the following targets: 39460 - 39260
