MGC1! trade ideas
Gold MCX AnalysisGold MCX Analysis
Current Status: Gold MCX is currently in a consolidation phase with no clear trading direction.
Key Levels to Watch:
Support Break: To establish downside momentum, watch for a break below 58880, which may signal a potential downtrend.
Immediate Resistance: The immediate resistance zone is 59265-70. If the price approaches this level, it might face selling pressure.
Fresh Buying: Consider new long positions if the price rises above 54450.
For Long Positions:
If you are already holding long positions, it's advisable to set a stop-loss (SL) at or below 58880 to manage potential losses.
Note: Trading involves risks. Ensure you have a well-defined strategy and risk management plan.
Gold mcx gold mcx -good upmove yeterday and saw profit booking near important resistance zone 60500 fresh upside strong move on day closing above 60500 .for now on rise towards 60000 can sell gold chances of visiting 58000-57000 level will be high in coming weeks . Negative view fails on strong close above 60500 levels .
(this are my personal views .I might be wrong to.)
Report -
Deepesh shah
GOLD LATEST UPDATE - OCT 17 - 18Gold is currently forming a falling wedge pattern, which is a bearish reversal pattern.
- Resistance level for the falling wedge is at 59410
- Support level is at 58900.
If gold breaks below the support level, it could fall to the next support level at 58410. If gold breaks below the 58410 level, it could continue its downtrend to the next support level at 57910.
GOLD FUTURE - BULLISH PRICE ACTIONBullish price action refers to a series of price movements and candlestick patterns in a financial market that indicate an upward or bullish trend is likely to continue or emerge. Here are some common signs of bullish price action:
1. Higher Highs : In an uptrend, each successive high should be higher than the previous one, demonstrating an upward momentum in prices.
2. Higher Lows : Similarly, each low in an uptrend should be higher than the preceding low, indicating that buyers are willing to step in at higher price levels.
3. Bullish Candlestick Patterns : Look for bullish candlestick patterns like bullish engulfing patterns, hammer, morning star, or doji reversals, which can suggest a potential shift in momentum to the upside.
4. Support and Resistance : When price breaks above a significant resistance level or a moving average, it can be a strong bullish signal.
5. Volume Increase : Increasing trading volume as prices rise is often a confirmation of a bullish trend.
6. Trendlines : Drawing an upward-sloping trendline connecting the lows can help visualize the bullish trend.
gold next support level 57460 - 56300??* IM NOT IN FAVOUR TO SHORT INSTEAD WAIT FOR VALUE BUYING AREA*
gold has breached all of its recent support and this fall looks like free fall maybe because of dxy rising
57460 and 56300 will be very important level base on previous trend low to recent high fib retracement of 0.6 and 0.7 golden zones are appearing on exactly on our fair value area
WILL UPDATE FURTHER ON EVERY MAJOR MOVE
gold spot or mcx crucial update after zoomedgold spot made high 1855$ now 1858--60$ strong breakout point if stya abv ot close than expect up side 1878--1889+++++ where support 1832$ indicate---- in inter day purpose if stya blw 1844$ than expect down 1838--1835$. in mcx 57779 strong hurdle for up side stya abv or close abv than expect 57900-58000+++ where support indicat57300@ blw will melt dwn -- don't stuck wrong side
Gold Mini Important Support and Resistance Level For 11-Oct-2023The Marked area's are major support and resistance level for Banknifty Intraday, also called PAM Areas.
When price come to these area we can expect either reversal or breakout from the given area's.
So planning a good trade will occur only in the marked areas, when price is in middle, we have to wait for the price comes to the marked PAM Areas