Fundamental Analysis:
As we know the world is Struggling on the edge of an other huge economic crash and a big crisis to come, this may lead to manufacturing and production freeze and ultimately may cause the demand collapse and price fall.
Russia has pegged its Currency with gold and literally trades its commodities and energy with gold.
as we know the Westerns...
#GOLD Futures Postional Long Idea
Disclaimer: These levels are purely based on Price action/demand and supply zones & and consumed only for educational purpose & should not be taken as buy/sell recommendation. I will not be responsible for any loss/profit incurred if anyone takes trades based on my views.
Please consult your Financial Advisor before making any...
The commodity has reached the upper trendline and the overall outlook looking bearish it is better to short.
With a good risk reward ratio of 3:1. Any breakout should trigger the SL.
After recovering from the retracement, MCX:GOLD1! is headed towards the trendline resistance. With equities facing some headwings globally, gold might be in focus from a swing/positional pov. Closely monitoring as I'd booked profits approx at current levels a couple of weeks ago. With the 50 weekly MA also approaching soon (48900 levels) it will be interesting...
I see a massive downside on gold by end of 2021 if it does not take out the highs.
One can trade according to their risk capacity.
Can add shorts in SUPPLY ZONE for great R:R.
