As expected, gold has started collapsing after a breakout of the test level. Will it keep falling?
First, click here and read the previous article on gold: When Will MCX Gold explode?
I have written in clear words, " If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement. Targets: 46600 – 46000 – 45660 – 45200 ".
Om Namah Shivay
Again tried gold and made little different to the starting of the counting.
Gold is now in correction and can lead to further down.
This is for education purpose only. No trading suggestions from this analysis.
Om Namah Shivay
MCX Gold is collapsing after making the all-time high of 56191 (swing high). It has created a parallel channel in December. Gold prices are rising here. If gold breaks the dynamic resistance without fakeout, it can touch 5 1000 - 52000 - 52384 levels at the beginning of 2021.
And if gold breaks the parallel channel and retracement value of 0.618 , it will...
Main scenario: If gold remains below 47296 levels, it will come down to 0.618 value of Fib retracement.
Targets: 46600 - 46000 - 45660 - 45200
Alternative scenario: If gold remains above 0.5 , it may try to hit 0.382 (TP: 48260 - 49000+ ).
So, here hurdle is 47296 for the short-term traders. Intraday traders can play both sides.
And we may see a...
GOLD MCX, 60 min chart
can go short with stoploss of 46856
for targets of 46244, 45870, 45676, 45400, and 44900
I am not sebi registered analyst
My studies are for educational purpose only
Consult your Financial advisor before trading or investing
Gold - Trade setup for 22 Feb 2021
Check out the chart for possible entry & exits.
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?? Each levels Act can as possible support and resistance????.
You can trade then on any time frame as per your trade set up or you can follow the dynamic entry & exit levels update and triggers from our TradersHedge...
GOLD descending channel formation at day chart and expecting Gold to take support at S3 zone
Disclaimer : All charts are purely for educational and information purpose only. Invest or Trade at your own risk.
not my cup of tea, wanna know your view on this.
01 . in a downward slope channel
02. broke support levels
03. next swing is near ₹45500
04. next swing after ₹45500 is upward to ₹51861
most important. Upward swing is expected near 31st March. you know what i mean to say