MCX gold has started falling since 1st June, and it's moving under a parallel channel. But this time, it can break out this channel. Why? I will explain it through Elliott wave projection in the next update.
In the last trading session, it made a Doji candlestick. And that's a sign of trend change. If gold does not break the crucial level, then it can drop up...
Yellow metal on MCX may remain volatile, traders can take a short positions.
CMP : 46635 at 1:15 (IST)
Stop Loss : 46810
Target : 46225
On th October, MCX Gold DEC Contract made a low of ₹ 46477, which is expected to be broken by today or tomorrow amidst a firmer dollar and a rise in US Treasury yields weighed on the precious metal’s appeal.
Yellow metal will...
In June, XAUUSD and MCX Gold crash due to FOMC events. It has recovered almost 60% to 70% loss in the July month. You can read the previous articles of Gold to catch the next move.
This week gold may remain downside until it breaks the levels of 48520 . It can be up...
Key Levels: 46720, 46250.
The corrective nature of the latest rebound suggests the Gold decline will continue. A break of hurdle will raise the possibility of the impulsive decline from near 46720 . A strong selling signal will come after a breakout of 46250 levels. So, intraday (day) traders can start selling between hurdle and breakout levels for the target...
MCX gold will keep moving further advance up to the targets of 50000 - 51000 levels. But after the first target, gold will try to take a reversal for 0.382 to 0.236 levels of retracement.
Long-term Targets: 51575 - 52492+
The chart above indicating a clear uptrend continuation. We may see sideways movement before it hits the top of the rectangle.
According to the Darvas box ( rectangular formation ), MCX gold will move upward gently this week. Hence, intraday traders can jump between the range of 45200 - 45300 .
Targets: 45560 - 45680
If gold breaks the bottom of the...
On 15 Feb 2021, I have written an article on Gold. First, click below & read again:
I have written in that article, " If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46860 – 46600 – 46000 – 45660 – 45200 ".
Gold has touched all...
As expected, gold has started collapsing after a breakout of the test level. Will it keep falling?
First, click here and read the previous article on gold: When Will MCX Gold explode?
I have written in clear words, " If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46600 – 46000 – 45660 – 45200 ".
Main scenario: If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement.
Targets: 46600 - 46000 - 45660 - 45200
Alternative scenario: If gold remains above 0.5 , it may try to hit 0.382 (TP: 48260 - 49000+ ).
So, here hurdle is 47296 for the short-term traders. Intraday traders can play both sides.
And we may see a...
MCX Gold is collapsing after making the all-time high of 56191 (swing high). It has created a parallel channel in December. Gold prices are rising here. If gold breaks the dynamic resistance without fakeout, it can touch 5 1000 - 52000 - 52384 levels at the beginning of 2021.
And if gold breaks the parallel channel and retracement value of 0.618 , it will...
Gold is bouncing from the hurdle (support). And if we look at the Gold Spot, the RSI is bullish and calls for further upside. Hence, MCX traders can buy for the following targets: 50060 - 50120 - 50200.
According to MA, EMA, and DMI, it's bearish. If it remains below to hurdle, intraday traders must sell it for the targets of 49860 - 49800.
According to this chart, gold has started falling from August month. Doji appearing in the last trading session. It's signaling a possible reversal. If gold follows the dynamic resistance, we may see a continuous downtrend. That can be up to 0.5 ( 47300 ) to 0.618 ( 45200 ) of Fib retracement.
Swing High: 56191
Swing Low: 38400
According to this chart, gold is further advance. Intraday traders can see 49860 - 50000 levels soon. We may see 50200 - 50400 in extension before the weekend.
If gold breaks the support trendline, gold can collapse up to the trend diversion point (from 49560 to 49400 levels). Speculators can enjoy both rides.
Once it breaks the support trendline, I...
Overall, MCX gold is collapsing. Look at the chart, if it breaks a low of 48924, we may see freefall up to 48500 - 48360 .
According to 50 MA, gold will try to push the upside. If we see the gold closing price above the second top of the trendline, it will start rising for the levels of 49760 - 50000 .
Here ADX is less than 25 and 200 MA throwing a direct sell...
Gold has made a Doji in the weekly chart. It's a direct sign of a reversal. And wherein ADX is less than 25 but +DI above the -DI . Additionally, the 20 MA line is trying to stay downside.
In short, DMI & MA is throwing a strong upward signal. Moreover, its volume is increasing. This week, we have chances to see gold prices above the 51860 ...
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 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.
MCX gold overall trend is upward. The position can be initiate at 52360 . It will keep moving upward after consecutive closing above to the control price. And we may see prices at 53000 - 53660 - 54000 - 54600+ levels.
Don't forget to follow the control price (CP). If gold breakdown CP, it may fall for 51360 - 51000 - 50500 - 50000 levels. Watch out the...