This analysis is in continuation of my previous analysis on 16 May 2021.
For people who are not aware about how to invest in gold
1. There are various Gold ETFs trader in exchange
2. By analyzing the volumes and liquidity one can select and trade accordingly
3. I personally trade SBIGOLD ETF
1. We are little late to enter hence SL is a bit wide i.e. 253
2. Triangle pattern breakout has been done with some good volumes
3. 50% positions can be initiated now and rest 50% only upon any pull near around breakout levels
1. Price has taken good support from 62.50 levels
2. After a pullback of ~ 38%. bulls have taken back the control which was clearly visible after the price broke out above the trendline with over an average volumes (in 4h + 1d time frame).
3. With PSU bank taking control of bank nifty, these mid PSU banks can also perform well.