Gold Futures
Gold trading at strong support levels
Earlier after giving breakout from this levels now retrace again to its strong support level
Can be positionally buy at CMP or above 50600 levels for short term targets of 50950 / 51250 & 51500.
Partially profit booking is also good, with trailing stop loss.
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Note:
Above levels are for education purposes...
GOLD FUC
Disclosure : I am not SEBI registered.The information provided here is for education purposes only.I will not be responsible for any of your profit/loss with this channel suggestions.
Gold futures have retested a strong support and resistance zone and also breached a short term S/R zone. Looking good at CMP 50415 - safer above 50,600 for positional targets of 50945 and 51250.
Learn & Earn,
Dr. Tanya Kumar
Gold earlier risen with volumes in 2020 from 32500 to 44000 mark. Recent price action from 44000 to 55000 was with low volumes. Gold will be in range between 48000 to 52000 levels on MCX. Only support for Gold is due to INR devaluation and macro disturbance.
Gold Short (12 May)
Sell at- 50810
SL- 50925
Target- 50620, 50510
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Disclaimer- We are not SEBI registered advisor.
Charts and views are only for educational purpose.
In the previous trading session, MCX Gold made a high of 51538 and closed at 51343 ( +444 ). A question is, is it moving upward?
To identify uptrend:
There are two hurdles to continuing the uptrend. It should break out the 5th May high or settle above the control line.
According to the above chart, Gold is forming a bullish flag pattern. And we're...
Double bottom and a triangle pattern both are giving A short term bullish view on Gold upto 50600.
And long term view is also very bullish may approach nearly previous high 5600.
It is possible to test upper trend line and fall from there, IF RSI indicator stable in between 60-40 zone in 1 hour tf, no trade today.
Note: Always try to find a good price action patterns or any candle stick patterns in marked zones in smaller timeframe to take entry with small stop loss. If you follow diagonal trendlines you can take entry and exit easily. ...
Although I am more of a trend follower, dabbling into Technical Analysis always excites me (which is literally opposite to the philosophy I preach). You can call out the contrarian in me and I will not have any issue with it. :D
Anyway, this example is another classic 'W' in the making. Once the resistance line is broken, there should be no looking back in short term.
