1642 is a good support for Gold too, use it as stop for long positions
and if broken, shorts can be initiated for an immediate target of 1631 followed by 1619.
1650 can be used as stop.
1642's rupee equivalent would be 42300-350 level.
Fresh longs only when (and if) 1650 is exceeded decisively.
Pivot: 1618.50
Our preference:
long positions above 1618.50 with targets at 1635.00 & 1640.00 in extension.
Alternative scenario:
below 1618.50 look for further downside with 1613.00 & 1608.00 as targets.
Comment:
the RSI advocates for further advance.
Pivot: 1603.00
Our preference:
long positions above 1603.00 with targets at 1613.00 & 1620.00 in extension.
Alternative scenario:
below 1603.00 look for further downside with 1597.00 & 1593.00 as targets.
Comment:
the RSI is mixed to bullish.
Pivot: 1595.50
Our preference:
long positions above 1595.50 with targets at 1610.00 & 1614.00 in extension.
Alternative scenario:
below 1595.50 looks for further downside with 1588.00 & 1584.00 as targets.
Comment:
the RSI is mixed to bullish.
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.
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.
