This chart will help understand the relevance of trend lines and parallel lines in understanding and trading trends of any trade-able instrument.
As per this channel the lower range for Gold is 1485-1490, if it is taken - the gold prices will fall like nine pins.
Let us see how it works in next few days.
As the RSI charts are (specially the 21 period one) is far less volatile or noisy than the price movement chart, it is easier to determine its trend using the trend lines. the attached silver RSI chart shows how trend lines can be drawn on RSI and a fair idea of price movement can be drawn.
Market has conviction that Federal Reserve will cut down interest rates during their 18th June meeting, to hinder the slowdown in global growth, which has been saddled with protracted trade tensions between America and China. Perhaps, there is no likely imminent resolve between these two economies even during G20 summit in Osaka, Japan. Therefore, all the above...
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Do not be Hurry for entry.
Wait for Proper Entry Setup.
Buy/Sell with Best Risk Reward.
Educational Chart Only.
You can Comment and ask the TREND ANALYSIS of any STOCK/SCRIPT/INDEX/FOREX.
R:R is 1:10++
MCX Crude Oil For Indian Commodity Market.
So be Caution On long buildup in Crude Oil.
The shiny metal went past the 1355 level on friday and on the same day reverted back to end the day on a negative note, which indicated that the buyers ran out of steam. Today, the prices breached the immediate intra - day support of 1337.88, which further supports the bears. Moreover, on daily basis, the prices are showing divergence with the RSI indicators,...
W1 cycle,Prices have risen above the horizontal resistance band.
The future price is likely to continue to rise along the upward trend line.
The target bit is in the Fibonacci 100% and 161.8% extension.
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