Here I have compared Gold Spot (CFD) with Indian MCX Gold to identify this week's trend.
In the chart, there are two different support levels. Wherein support level 1860 is for gold spot, and 49260 for the MCX gold.
I have used moving average and volume on Indian gold. At present, 50 MA is turning downside. If it breaks the parallel channel (PC), gold will fall for 50000 - 49860 - 49500 levels.
According to this chart, gold is trying to climb upward after hitting the PC. And if it remains into the PC, we may see 51000 - 51500+ levels before the weekend.
In the chart, there are two different support levels. Wherein support level 1860 is for gold spot, and 49260 for the MCX gold.
I have used moving average and volume on Indian gold. At present, 50 MA is turning downside. If it breaks the parallel channel (PC), gold will fall for 50000 - 49860 - 49500 levels.
According to this chart, gold is trying to climb upward after hitting the PC. And if it remains into the PC, we may see 51000 - 51500+ levels before the weekend.
Trade closed: target reached:
Gold has reached the first target (51000) and made a high of 51454.
