Gold has been in uptrend for some time, It has broken a major trendline some time back. Its recent high or 1610 USD or 41300 Rs. is likely to be exceeded soon.
Pivot: 1582.00 Our preference: long positions above 1582.00 with targets at 1590.00 & 1594.00 in extension. Alternative scenario: below 1582.00 look for further downside with 1578.50 & 1573.50 as targets. Comment: the RSI is bullish and calls for further advance
Pivot: 1578.00 Our preference: long positions above 1578.00 with targets at 1585.00 & 1590.00 in extension. Alternative scenario: below 1578.00 look for further downside with 1573.00 & 1569.00 as targets. Comment: the RSI is mixed to bullish.
Its forming an Pennet pattern , One can look for re-position as long for next move up and look to book near forecast with trailing stop
I analyzed the market to capture the upcoming movements based on my technical knowledge . This idea is completely my view for knowledge purpose i'm sharing this .
#Gold 1H chart given #bullishbreakout now Gold can move towards 1585-1590 levels in next few days with the help of 1574 support level. #1578-1580 level will be good for entry (CMP 1580) #Technicalanalysis
Pivot: 1505.00 Our preference: long positions above 1505.00 with targets at 1610.00 & 1695.00 in extension. Alternative scenario: below 1505.00 looks for further downside with 1445.00 & 1400.00 as targets. Comment: the RSI lacks downward momentum.
Pivot: 1568.00 Our preference: long positions above 1568.00 with targets at 1577.00 & 1581.50 in extension. Alternative scenario: below 1568.00 looks for further downside with 1565.00 & 1561.50 as targets. Comment: the RSI is bullish and calls for further upside.
There is more probability to correction action happen within Feb 21 . Expecting more support on $1555 level .
Pivot: 1573.00 Most Likely Scenario: short positions below 1573.00 with targets at 1564.00 & 1560.00 in extension. Alternative scenario: above 1573.00 look for further upside with 1577.00 & 1580.00 as targets. Comment: the RSI advocates for further decline.
One candle stick remaining to complete the flag that is march. After hitting the April high we can expect decline in a same pace. And the April target is $1700 .
Made a chart That seems to breakout heavily for selling kindly check.
Gold has rejected from top and broke down from upward trendline. Now in short term downtrend withing falling wedge Possible support zone mentioned in green box Sustaining above blue resistance level would invalidate the idea and make it bullish again
“The potential industrial fallout from coronavirus is already leading a number of governments to cut interest rates or add to easing activity, while the U.S. 10-year bond has been dipping in and out of negative territory. This is all positive for gold in a risk-averse environment, although by definition we cannot know for how long it will be before this outbreak...