gold bees formed cup with handle pattern at weekly chart.
it may go upside in upcoming days.
now a days gold rate is going high due to various reason. so, consider gold at every tip.
last year pivot R1 (53.70) is the next support.
this year pivot range 51.70 is another strong support & demand zone.
this analysis is for learning purpose only.
It is just a view,...
An interesting trade if the markets decide to cool off.
With several large world economies selling treasuries..they could be shifting to physical gold..
This might make at first an interesting short term trade to 52.45..an if that breaks out then go much higher...
Might be a great contra market trade if and when the markets correct atleast while gold is ripping higher.
Start Buying Goldbees as you wont get it at the current levels after 1 Jan 2023. The Chart is very clearly depicting a strong Bullish Upmove on Gold.
It could be due to high inflation or it could be due to rising commodity prices or it may be due to Government printing money. Whatever the reason is look at Rate of Change indicator below. The Roc is depicting...
◾goldbees is consolidating in a narrow range between two trend lines in black color
◾Buy goldbees @CMP
◾If it give close below the lower black trend line on weekly basis...Then exit
◾Risk reward + safety is very favourable
Enter in GOLDBEES between 42 and 40....wait for reversal with volume on lower TF........ No sl as it was for investment purpose....... Immediate target for swing traders will be around 49,53.5 and long term above 60+ easily......levels are marked........ best buy if goes around 35
