Gold is at a nice place. Take out the lows, while touching the bottom of the parallel channel, and touching the bottom of the descending channel. Send it?
Gold Mini on MCX has seen bounce from trendline Support, Now Trading around Resistance Levels of 51050, Now fresh Entry Should be taken only above 51050
Gold Long ( 15 July)
RSI-54
Buy at- 50150
SL- 49960
Target- 50370, 50425
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Disclaimer- We are not SEBI registered advisor.
Charts and views are only for educational purpose.
Gold is Approaching Critical Area of ABC wave Correction AND Channel Support. This is around 1640-1670 Zone. With COT Reports Turning Bullish, it can be very interesting area for Longs in Next 2-4 Weeks
Commentary On Chart
Gold MCX is Trading around Trendline support as market on the chart, Risk and Reward here looks attractive, Now Selling in the Gold will be seen Once Trades below 50000 Levels on Closing basis.
"Gold MCX seems bullish"
1.MCX Gold MACD Bullish
2.Candlestick consolidation. Once breakout, can take long entry..
3.Maintain Strict SL.
My view is for educational purpose only.
Gold has accomplished the final correction wave (Y) of wave ((B)) and has begun to form sub-waves of the corrective wave ((C)).
Currently, the price is at 100 EMA & the lower band of the parallel channel. It appears that the movement of gold is being dominated by bears, as it is making lower lows and lower highs.
If the price breaks down the parallel channel,...
All detail for chat. good entry at mark price only. and must stoploss is 51393 minimum risk and good profit. risk ratio 1:1 in first target. This is not call my idea only. Please understand your risk and take full responsibility of your actions
As you seen in the chart Elliott wave IN US GOLD CHART made ,upper side strong resistance i think it will not break easily and charts also strong in selling zone.
Now Gold has Reached upto very imp Price Zone ... From here we can Expect a sudden Fall / Pullback for a New Beginning towards Up Side Move ...
Disclaimer: This is for demonstration and educational purpose only. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
