after the gap on 21st the buying potential looks faded and we can see a strong rejection
then we have 4h bearish fvg and then filtered with 15mn another bearish fvg
which is at the level of 66400 could be the selling or short limit with sl of 66800 and target of 65200 and second target at 64400
MCX Gold has rallied one way from 62000 to 67000 in last 5 weeks without any major retracements.
Gold is currently respecting a rising channel pattern & currently trading at higher end of this channel pattern. I'm expecting gold to correct and touch bottom of this rising channel.
I tried to short gold last week but it went sideways so I had to close. Closed that...
gold aprail hold blw 66379 from yesterday now looking short term inter day correction expect 66020--65930+++++ yes today high very crucial if hold blw than also this structure may active again ---one can sell on rise with high sl
gold chart for long term prospective you can invest to targets orange line .. but your own risk if you want to trade took simple moving average 20 50 200 on chart .
If, price below 61450 will trigger the liquidity of trades who entered recently
because the price have not mitigated the order block below it 61200 and 61100
On the upper side, above 62700
63200 - 63400 - 63800 will be the sellers order block and fair value they will look to sell
the remaining levels will be choppy
trade level to level
Long side trade has two condition to consider
either SWEEP OR RUN on liquidity
1 run >>> price will fall back and mitigate the pending fair value area at 2020 lvl and then run towards 2050 and 2089 as all time high
2 sweep >>> either price trap the weak hands by making a up move and then fall back to fvg area and then go to meet the target of all time high
eys on gold spot 2165 if stya bl thna dwn side 2152--40++++ in mcx stya blw 65900 looks dn fall 85828--777-600++++ hurdel 2176 or in mcx 66377 only abv will rockkkkkkkkkk sell on rise must with tight sl
MCX Gold has rallied one way from 62000 to 66000 in last 8 days without any major retracements.
This sharp up move can not sustain without a good retracement.
Dollar Index is also trading at a major support zone of 102.500 so there's very high chance that we might see a correction very soon.
Here's a trading opportunity.
GOLD CMP - 65950
I'm taking short...
MCX Gold Daily Chart Analysis ... target was 66333 and we got an High at 66356 .... See Double Tops in Dec 2023 / Jan 2024 at 64000 levels.... Also see the start of the last swing at 57000 levels....
Happy Trading !!!
N.B. Not a finanancial advice to buy or sell.
With usual disclaimers as applicable within the reach of this
beautiful trading analysis platform....
gold mcx stya blw 65620 looks dwn 65510--428++++ yes sell on rise must with hurdel sl 2165$ lw its dwnn looks or blw 2144 u will see mega correction till 2110+++ more lvl stya tunes with us
gold spot styaa bv 2165 looks up side till 2174--80$ expect blw 2160 looks dwn in mcx 65670 abv looks zoom till 65820++++ support 65600@ only blw dwn more lvl stya tuned with us
🕓 Time Frame : 1 HOUR
🔽 Status : Bullish
📆 12.03.2024
➖➖➖➖➖➖
Status:
🔸Gold's Trend: bullish run with a target of $2200 and further potential to reach $2260. This suggests a long-term upward trend.
🔸Support and Resistance: It mentions strong support at the EMA50 (a technical indicator) around $2145 and a potential correction if this breaks.
🔸Here's a possible...
