Is Gold Price Setting Up for an Uptrend?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 selling level on the chart.
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Can We Expect GOLD Price Above 56000 again?According to this chart, gold is reversing downward after making an all-time new high of 56191 . Its support level is 53800 . You can take this level as a hurdle too. We may see a correction up to this after the breakdown of DR.
This dynamic resistance will initiate buying pressure for a short period. We have chances to see 55600 (T1) to 56000+ (T2) levels.
Moreover, for short-term investors, I don't recommend selling the gold until the breakout of my support. Intraday traders can enjoy price fluctuation, consolidation, and sideways movement.