Technical View on Gold for 1-2 Days
Gold Has formed rounding bottom pattern on 1 hour chart and is looking for some upside movement.
One can buy @ 1802 for the TG of 1806 -1810 -1817with SL of below 1795 (for risky traders).
OR
One can buy above 1804.50 for the TG of 1809-1813-1817 with SL of 1797.50.
Note: On the other hand if anybody is interested on sell...
Gold is forming a falling wedge on 1 hour chart and if it will break on lower side then sell near 1785.20 for the TG of 1781-7176 with SL of 1789, on the other hand if it will break the upper side the buy @ 1791 for the TG of 1794.50-1798 with SL 1788.
One can use this indicator for sell trade in downtrend market. In downtrend one can sell when CCI reading is above +100 to +150. This is trading technique when market is in downtrend and we may use SELL ON RISE STRATEGY. After selling we should place stop loss above latest high price. For conservative traders they can sell when CCI start going down below +100 reading.
I have made a darvas box on International Gold chart (Day Timeframe), See, how to draw darvas box in a chart. Buy a stock or any commodity or currency when price breaks and sustain the upper side of darvas box and sell when price breaks and sustain the lower side of darvas box. You should draw darvas box mannualy or insert it from the indicators.
