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.
MCX 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...
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.
Fib retracement:
Swing High: 56191
Swing Low: 38400
Here's...
49500 is looking to be the key level for the price to break to move further up side. Price above 49500 and sustains then one can look for buying opportunities.
Previous behavior of price at these level is explained in pic, please have a look.
I am away from the system so there was no updates from me, Will be active soon. Till then limited chart analysis will...
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...
