MCX gold is approaching a very important channel resistance on a daily chart approximately at 49000.
A break off same can open doors for potential upside.
GOLD/INR
NOTE: These targets for positional traders not for intraday traders.
SHORT-TERM BULLISH, LONG-TERM BEARISH.
Trade according to SUPPORT and RESISTANCE levels.
Gold has broke its trend channel and successfully retested it. As per the observations if any chart broke its trend channel it provides an equal target which has been consolidated. So we can see a target around 50,000 in coming weeks.
The above is the my style of looking into the opportunities in the triangle pattern. Only after good time spent on this pattern will make things easy for you to take this trades.
Always . .
Take a pattern, spend more time on it, when you get used to it, you will start fall in love with it, when you love it you know about it well !!! That's the magic.
After taking support at the 50% Fibonacci retracement level ( ~44000), Gold has shown a definite reversal on the chart. This observation if further strengthen by the momentum indicator- RSI, maintaining stance above the level of 30.
On its way uo, Gold is now faced with a two-fold resistance. One, from the 38.2% retracement level of the previous trend and two,...
