Why am I so confident of 1670-90 zone..,
the same zone gave support 5 times earlier and it is the 6th visit to same zone..,
It is the zone from where 400 dollar or 25 percent upside rally started..,
And it is the zone of inverted head and shoulder breakout,,
Expected Road map - 1680-1758 - 1698 - 1815- 1768 - 1868 (channel top)
Buy the dips and keep...
Currently at a do or die level.., monthly closure below 1750 can cause neck line breakdown and further fall upto 1680.., any break below 1680 can take it upto 1500.., till then.., till 1750 is broken buy the dips a good bounce anytime possible..,
A biased gold lovers analysis.., Last two moves from 50 week moving average resulted in 21 percent and 42 percent returns.., can we expect 84 percent returns from here this time.., taking it to 3200 usd..,
I am strongly long.., share your views
Hope now its easy to predict further move in gold.., the closure that happenedbelow 200 DMA was a trap.., now gold is on its way to 50 DMA.., And once it crosses 50DMA, 50 DMA itself will act the support and trend will continue..,
400 is going to be a horizontal support, neckline support and channel support.., Go long from here with a room of another 10 point fall.., if this neck line broken and if holds below 395, further fall to 325 possible as the head height is more than 80 points.., If upward rising channel is true, if holds 400, channel top possible again which is close to 500..,
NIFTY pharma index may show some excess above channel top to reach its crucial resistance zones at 9500 and may return back to its original trend. You may go long for pharma stocks at current levels and on further dip for a target 9-10 percent more on upside.
7980 is a level, where a head and shoulder and inverted head and shoulder breakout happened in 2015-2016, Since then it acted as support on weekly chart and never closed below this level. Hope it holds. If breaks, go short for a target of 7500 and 6900